An investor in Abu Dhabi’s second-biggest bank is seeking to exit the lender by selling shares worth as much as $304 million.
The accelerated book-build offering of 164 million shares in Abu Dhabi Commercial Bank PJSC has indicative interest in excess of the size of the deal, according to terms. The seller wasn’t identified in the termsheet.
The shares are being offered at a discount of as much as 8.3% to Wednesday closing price.
Details:
- Share on offer: 164m shares
- Price range: 6.5 dirhams to 6.8 dirhams
- NOTE: ADCB shares closed down 5% at 7.09 dirhams
- Deal size: 1.07 billion dirhams to 1.12 billion ($291 million to $304 million); 2.4% of market capitalization
- Structure: 100% secondary shares
- NOTE: Abu Dhabi Investment Council is the biggest shareholder in ADCB with a 60.2% stake
No comments:
Post a Comment