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DIB opening $ 860 mn rights issue

dubai islamic bankDubai Islamic Bank is opening subscriptions for a 3.16 billion dirham ($860.3 million) rights issue aimed at bolstering the capital base of it. DIB is offering 988.4 million new shares to shareholders in total, with subscription open on the basis of one new share for every four currently held. Shares are priced at 3.2 dirhams each. The bank seeks to raise its capital ratios, either through a rights issue or the sale of capital-boosting bonds or sukuk, to replenish reserves after a period of strong lending growth and to meet incoming global banking standards.

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