(MENAFN - Khaleej Times) Qatar's Doha Bank will launch the first phase of a two-part capital increase, a QR1.55 billion (425.7 million) rights issue to local investors, on February 28, the lender said.
Capital levels at the bank are lower than its Qatari peers and proceeds from the issue are expected to be used mainly to plug that shortfall.
The issue, which is equivalent to 50 per cent of its total shares, will be split equally between a local offering and global depositary receipts in London.
The first stage will be an offering of 51.7 million new shares to current stockholders which will begin on February 28 and run until March 13, Doha Bank said in statement after shareholders approved the move.
The second part, the London GDR offering, will follow the local offering, although timing is subject to receiving the necessary regulatory approvals, the statement said.