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Emirates bank's Islamic unit to start rights issue end-Jan
January 9, 2013 / 3:32 PM / 5 years ago

Emirates bank's Islamic unit to start rights issue end-Jan

DUBAI, Jan 9 (Reuters) - The Islamic unit of Emirates NBD , Dubai’s largest listed bank, intends to begin a 1.5 billion dirham ($408 million) rights issue this month.

Emirates Islamic Bank (EIB) will increase its capital to 3.93 billion dirhams through the offering of 1.5 billion shares at 1 dirham each between Jan. 25 and Feb. 3, it said in a filing to the Dubai bourse on Wednesday.

No details were given on how EIB intends to use the proceeds of the share issue, which was first announced last month.

EIB formally merged with Dubai Bank last year. Dubai Bank, which was rescued by the Dubai government in May 2011, was absorbed into Emirates NBD at the behest of the authorities in October 2011. ($1 = 3.6731 UAE dirhams) (Reporting by David French; Editing by David Goodman)

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