Abu Dhabi-Mubasher: Abu Dhabi National Insurance Co. (ADNIC) said that subscription in its convertible bonds will begin on 24 May and end on 6 June.

Bond subscription amounts to AED 1.04 per bond, with total value of AED 390 million ($106.2 million), according to a bourse filing on Sunday.

Bonds will be paid annually at a fixed rate of 7.5% for a three-year period starting the issue date, the insurance firm added.

ADNIC shareholders gave the go-ahead for issuing convertible bonds worth AED 390 million in February, with a maturity period of three years.