Abu Dhabi – Mubasher: Subscription rights of Abu Dhabi Islamic Bank (ADIB) drifted lower early on Sunday, as it fell by 13.7% at 10:35am UAE time to AED 1.51.

The bank said, in a statement posted Saturday that subscription to its rights issue will begin on 23 August and will run until 10 September.

During this period, holders of rights as at the end of the rights trading period on 3 September will be entitled to subscribe to new shares at a price of AED 3 per share, the bank added.

According to the bank, each right grants its holder the option to subscribe to one ADIB share at AED 3 per share.

Holders of rights will also have the option to subscribe for additional shares in excess of the number of rights that they hold which will be allocated in the event that unsubscribed shares remain at the end of the subscription period.

The rights issue is raising AED 504 million to support ADIB’s growth.

ADIB earlier reported a net profit of AED 502.6 million for the second quarter of 2015, a 10.5% rise from a year earlier.