Abu Dhabi Commercial Bank Seeks $1.7 Billion Via Rights Issue

State-backed Abu Dhabi Commercial Bank PJSC said it will proceed with a 6.1 billion dirham ($1.7 billion) rights issue after it gains the approval of its shareholders, a rare such offering by an Emirati lender.

The emirate’s second largest lender by assets plans to offer 592.2 million shares at 10.3 dirhams apiece, a 30% discount to its closing price on Sept. 4, according to a statement on Monday. ADCB shares slipped as much as 7.9% to 13.6 dirhams apiece following the news, the lowest level since April 7, before recovering to 13.8 dirhams apiece.