The subscription period for National Bank of Kuwait's proposed capital increase will commence on Wednesday, the Gulf state's largest commercial lender said in a bourse statement.

The rights issue will be worth around KD137.6 million ($473.2 million) according to Reuters calculations. The subscription period will close on June 16, the bourse statement from the lender said.

In March, the bank said the board of directors had agreed to raise the bank's capital by 6.5 percent through a rights issue involving issuing 343.96 million shares at KD0.4 per share. The step received approval from the country's Capital Markets Authority last month.

Shares in NBK closed flat on Sunday at KD0.66. - Reuters