Emirates Islamic Bank is preparing a cash call to investors, seeking to raise Dh1.5 billion (US$408 million) as it combines operations with the lender Dubai Bank.
Topic Islamic finance Sheikh Mohammed bin Rashid Emirates NBD Tamweel Finance Dubai Financial Market
The Islamic lenderexpects to begin the rights issue on January 25 and will run until February 3, it said in a filing to the Dubai Financial Market on Wednesday.
The bank's capital will be raised to Dh3.93bn through the offering of 1.5 billion shares - more than doubling the total float - at Dh1 each.
Emirates Islamic Bank to seek Dh1.5bn in offering - The National
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