Burgan Bank, Kuwait’s second largest commercial bank by Assets, announced that its KWD21.6 million rights issue was fully subscribed said a bourse statement Monday.

The lender stated recently it has obtained the regulatory approvals for the increase in the bank’s issued and paid up capital by KWD 21,600 million distributed over 216 million shares with a nominal value of 100 Fils per share. The issuance premium has been priced at 375 Fils per share reflecting a share price of 475 fils (nominal value of 100 fils + premium of 375 fils).

The right issue Subscription kicked off in November 16, 2014.

The capital increase shares will be specified for the shareholders registered in the bank’s shareholders register – as on the trading day prior to the date of beginning the subscription period – according to the percentage of ownership shares, and the excess in shares will be allocated for general subscription for shareholders and others

Burgan Bank Group aims with its capital optimization plan at adjusting its capital base to comply with Basel 3 and to further support growth plans, noted the statement.