Emirates NBD raises $1.76 bln in an oversubscribed rights issue

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Emirates NBD Bank, Dubai’s largest lender, raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, it said on Thursday.

“There was strong demand from UAE, Middle East and international investors,” the company said in a statement.

The proceeds of the rights issue will be used to “strengthen” the bank’s capital base and to support future growth.

Publicly-listed firms use rights issues to raise additional funds from existing shareholders.

In July, Emirates NBD closed its $2.8 billion acquisition of Turkey's Denizbank to expand its business outside the UAE.

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