By Federico Maccioni
DUBAI, Nov 11 (Reuters) – First Abu Dhabi Bank, the UAE’s largest bank by assets, is looking to raise up to 15 billion dirhams ($4.08 billion) through a rights issue, it said on Wednesday.
The deal “will provide additional capacity to support FAB’s next phase of growth in the UAE and across the Group’s global franchise,” the bank said in a statement.
FAB is offering around 1.1 billion new shares at a price of 13.52 dirhams per share, representing a 30% discount to the closing share price on Tuesday.
Sovereign wealth fund Mubadala, which has a 37.9% stake in the firm, plans to subscribe for its full pro-rata entitlement, FAB added.
($1 = 3.6724 UAE dirham)
(Reporting by Federico Maccioni, Editing by Louise Heavens)
