Abu Dhabi Commercial Bank said on Thursday it converted Dh4.8 billion ($1.31bn) bonds issued in 2008 into 785.6 million shares, raising its capital level.
The lender, one of the region's most exposed banks to indebted conglomerate Dubai World, issued mandatory convertible bonds worth Dh4.8bn to four strategic shareholders including the government of Abu Dhabi in April 2008.
The bonds, which carried a coupon of EIBOR plus 1.5 per cent, were due to be converted before April 2011.
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