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DUBAI, Dec 14 (Reuters) - Dubai-based Emirates Islamic Bank launched subscriptions to its 1.5 billion dirham ($408 mln) rights issue on Wednesday, according to a bourse statement.
Shareholders who hold shares in the bank at the close of business on Tuesday will be eligible to the subscription which begins on Dec. 14 and ends on Dec. 28, the Dubai-based lender owned by Emirates NBD said in a bourse statement.
The bank's chief executive Jamal Bin Ghalaita told Reuters in October that the lender planned to complete its rights issue by early December.
The rights issue will increase the bank's paid up share capital from Dhs3.93bn to Dhs5.43bn, it said in a statement. Each new share will be priced at Dhs1.
Shareholders are eligible to buy one share for every 2.63 shares held on the subscription date. (Reporting by Hadeel Al Sayegh; Editing by Richard Pullin)