Industrial & Commercial Bank of China Ltd. said it will start a rights issue in Shanghai to raise around 34 billion yuan ($5.1 billion) to shore up its capital base.
ICBC, China’s largest lender by assets, said it plans to sell 11.3 billion A shares at 2.99 yuan each in Shanghai from Nov. 16 to Nov. 22. It will sell 0.45 share for every 10 existing Shanghai-listed A shares, the lender said.
ICBC said its A shares will be suspended from trading from Nov. 16 to Nov. 23.
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