Dubai: Abu Dhabi Islamic Bank (ADIB) said its shareholders have approved proposal for a rights issue of Dh1 billion, as recommended by the Board of Directors of ADIB, to raise the paid and issued share capital through a tradable rights issue of 464 million new shares to its shareholders.
Shareholders also approved the issuance of $750 million (Dh2.75 billion) perpetual Tier 1 sukuk, and the repayment of its $1 billion (Dh3.67 billion) sukuk issued in 2012, the bank said in an emailed statement.
The rights issue will increase ADIB’s issued and subscribed to share capital from Dh3.168 billion to Dh3.632 billion through the issuance of 464 million new shares, issued at Dh2.16 per share. This represents a 45 per cent discount to the market share price as of July 25.
