Abu Dhabi Commercial Bank (ADCB) wrapped up its AED 6.1 bn rightsissue, drawing commitments of over AED 12 bn from local, regional, and international investors, according to an ADX disclosure (pdf).

The lender said all 592.2 mn new shares were fully subscribed, at AED 10.3 each, with demand for additional shares running more than 3x the available amount, and allocated pro rata among investors who requested extra stock. Mubadala, the bank’s largest shareholder, took up its full entitlement.

This was the largest-ever rights issue by an ADX-listed firm. The move, first announced in September, raises ADCB’s paid-up capital to AED 7.9 bn, up from AED 7.3 bn, and supports its plan to maintain buffers ahead of tighter capital rules for systemically important banks. Subscriptions ran from 18 November to 4 December, with shares priced at AED 10.3 each — roughly a 30% markdown to the lender’s early-September market close.

IN CONTEXT- The raise follows ADCB’s renewed mandates to issue up to USD 8 bn in debt and USD 2 bn in capital instruments, and comes as the bank continues to clean up legacy exposures, including this year’s USD 1.4 bn sale of distressed loans.

ADVISORS- ADCB quarterbacked the transaction as the sole lead manager, bookrunner, and receiving bank.

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