Industrial and Commercial Bank of China, China's largest lender, said Wednesday it has decided to offer a rights issue to raise up to 45 billion yuan (6.65 billion U.S. dollars) on the Shanghai and Hong Kong exchanges.

The bank planned a 0.6-for-10 rights issue to existing shareholders, said a statement filed with the Shanghai Stock Exchange.

Excluding the costs of the issue, the money raised will be used to replenish the bank's capital base, the statement said.

The bank's core capital adequacy ratio is 9.58 percent and capital adequacy ratio is 11.98 percent.

The rights offer awaits approval from shareholders and relevant institutions, said the statement.

ABC nets $19 bln in IPO

BEIJING, July 8 (Xinhuanet) -- Agricultural Bank of China Ltd (ABC) raised at least US$19.2 billion in its initial public offering, which is likely to become the world's biggest IPO, according to its pricing data.

ABC can increase the size of its IPO to as much as US$22.1 billion if it turns to the so-called green-shoe, or over-allotment, option to expand the sale after listing. The bank could surpass the Industrial and Commercial Bank of China, which netted US$21.9 billion in October 2006, as the world's largest IPO. Full story