Subscription for the Dh504-million  ($137.2 million) rights issue of Abu Dhabi Islamic Bank (ADIB) will close at 2 pm tomorrow (September 10), the bank has said.

Rights holders can subscribe to new shares at Dh 3 per share by filling in a form that can be downloaded from Adib’s website, and submitting it to one of the 40 participating Adib branches across the UAE.

Holders of Adib’s rights, who are also customers of the Bank, wishing to subscribe digitally can now do so through the Adib internet banking portal at www.adib.ae or through their Adib mobile banking application for iOS and Android. In all cases, an investor number must be presented for subscription along with other required documents. Subscribers will have to fund this subscription by either debiting their Adib account or a manager’s cheque drawn on a UAE Bank.

Final share allocations will be announced on September 20.

"As the rights trading period ended on September 3, rights holders now only have the option of either subscribing for new shares by 2 pm on September 10, or otherwise let their rights expire. Shareholders who do not subscribe will experience a dilution in their shareholding of ADIB by 5.3 per cent," the bank said.

The funds raised through the rights issue will support the bank’s strong growth and meet future regulatory requirements. - TradeArabia News Service