Emirates NBD raises $1.76 bln in an oversubscribed rights issue - Reuters

Emirates NBD raises $1.76 bln in an oversubscribed rights issue - Reuters:

Emirates NBD Bank 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 in a statement on Thursday.

Dubai’s largest lender said the deal saw strong demand from the United Arab Emirates (UAE), as well as from Middle Eastern and international investors.

The bank plans to use the proceeds to strengthen its capital base and support growth, it said.

In July, Emirates NBD completed a $2.8 billion purchase of Turkey’s Denizbank to bolster its business outside the UAE.