DUBAI: Shareholders of Abu Dhabi Islamic Bank have approved plans to raise AED504 million ($137.22 million) of share capital through a rights issue, it said in a statement.

The timing of the share issue, which will see shareholders eligible to subscribe to 56 new shares for every 1,000 held at a price of 3 dirhams each, would be disclosed “in the coming weeks,” ADIB said in a statement released after the bank’s extraordinary general meeting.

Shareholders of the emirate’s largest Islamic bank also gave the go-ahead to raise the bank’s authorization for issuing sukuk that will boost its Tier 1, or core, capital to $3 billion from the current limit of $2 billion.