Kuwait's NBK 10pct rights issue starts Oct. 5

National Bank of Kuwait , the country's biggest lender, said on Tuesday that its 10 per cent rights issue will start on Oct. 5.The subscription period for the issue, which was approved by the bank's shareholders in March, will end on Oct. 21, NBK said in a statement on the Kuwaiti bourse.

The issue is at a price of 500 fils per share including premium, and will raise 32.7 million dinars ($114m), according to Reuters calculations. There are 1,000 fils to the dinar.NBK's shares were trading flat at 1.5 dinars at 0746 GMT.The bank had said the capital increase is intended to support expansion plans. NBK has been expanding to offset rising competition at home.