Shareholders of Commercial Bank of Dubai (CBD) have rejected a proposal to issue $750 million in capital-boosting perpetual bonds, the bank said on Sunday.

The proposal was rejected by 39.24 percent of shareholders present at the meeting, the statement said, without detailing the level of approval that would have been required to approve the plan.

Last month, the bank said that its board had proposed the Basel III compliant bond, subject to shareholder and regulatory approval.

CBD's tier 1 ratio, an indicator of a bank's health, stood at 16.67 percent at the end of first half 2015. - Reuters