Israel Discount Bank raised NIS 264 million (about $73 million) in a public share offering aimed at boosting its capital adequacy ratio, Israel's third-largest bank said on Tuesday.
It said in a statement it received bids of about NIS 1 billion ($280 million) in the issue of 34 million shares.
The shares were sold at NIS 7.76 shekels ($2.14), above Sunday's closing price of NIS 7.68 ($2.12) shekels.
Discount's capital adequacy ratio according to Basel II directives stood at 12.93% in the third quarter, the lowest of Israel's four largest banks.
The bank's core, or Tier 1, capital adequacy ratio is 7.37%, lower than the Bank of Israel's mandate of no less than 7.5%.
Discount had planned to raise NIS 400 million ($110 million) in two stages – NIS 200 million ($55 million) each from offerings of shares and rights. The bank's rights issue is slated for next week.