June 19, 2014 / 2:18 PM / 4 years ago

Kenya's Diamond Trust Bank to raise 3.63 bln shillings via rights issue

NAIROBI, June 19 (Reuters) - Kenya’s Diamond Trust Bank has set the price for a right issue that aims to raise 3.63 billion shillings ($41.49 million) at 165.00 shillings a share, the bank said.

The bank has said the money raised from the sale of 22 million additional shares will be used to expand its branch network and to support lending.

It said the rights issue price represented a 32 percent discount to the closing price of 244 shillings a share on Wednesday on the Nairobi Securities Exchange.

The offer will open on June 30 and close on July 25, the bank, which also operates in Uganda, Tanzania and Burundi, said.

The bank’s shares closed at 249 shillings on Thursday.

$1 = 87.5000 Kenyan Shillings Reporting by George Obulutsa. Editing by Jane Merriman

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