Doha – Mubasher: Qatar National Bank (QNB) reduced the target price (TP) of Doha Bank to QAR 31, due to the expiry of the right to subscribe in the bank's capital increase.

The new price is 20.5% lower than the previous one set at QAR 39, according to QNB’s report.

The adjustment came after the Qatar Stock Exchange (QSE) amended the bank’s reference price to QAR 30.4 per share before the start of Thursday’s trades.

The general assembly of Doha Bank approved on 7 March increasing the capital by 20% to QAR 3.1 billion from QAR 2.58 billion through offering 51.7 million shares for subscription for the company's shareholders with a closing date on 15 March.

The bank said that the subscription will be at QAR 25 per share, represented in QAR 15 as a premium issue, adding to a QAR 10 as the nominal value of the share.

The stock rose 3.62% at the end of trades on Thursday, exchanging 2.01 million shares at a value of QAR 62.5 million.