Dubai: Dubai Financial Market (DFM) said on Sunday that the rights issue of Dubai Islamic Bank is due to be tradable on the exchange between May 30 until June 13.
The opening price of the rights issue has been set at Dh1.98 based on the company’s adjusted share price on the market minus the issuing price of the new shares. The rights issue will be free-floated on its inaugural day only, while price movement will be in line with DFM’s fluctuation range of 15 per cent up and 10 per cent down from day two until the end of the trading period, the bank said in a statement.
It is noteworthy that subscription to Dubai Islamic Bank new shares will take place June 7-20 to increase the capital to Dh4.94 billion through the issuance of 988 million shares with an issue price of Dh3.2.
The rights issue is a financial instrument representing the rights that are legally granted to the company’s shareholders to have priority in subscribing for the company’s capital increase shares that will be issued.
