Abu Dhabi Islamic Bank raises Dh504m in rights issue

Abu Dhabi Islamic Bank (Adib) said on Monday it has raised Dh504 million in its rights issue, which was nearly three times oversubscribed, with Dh1.46 billion in subscriptions received. Following the close of the subscription period on September 10, all 168 million shares were fully subscribed, the bank said in a statement. The rights, which were traded on the Abu Dhabi Securities Exchange, offered investors Adib shares at a price of Dh3 per share, and are part of the bank’s plan to raise capital to support growth.