Kenya's NIC Bank said on Thursday it had raised 2.1 billion Kenyan shillings ($23.2 million) through a rights issue, part of its plan to raise more funds to increase lending to businesses and individuals.
The bank issued and listed an additional 42.66 million shares with an offer price of 49.25 shillings per share.
NIC, which also operates in neighbouring Tanzania, raised $57 million in September through a corporate bond, part of a strategy to raise capital through a mix of debt and equity.
Banks in east Africa's biggest economy have seen a rise in earnings, helped by increased lending on the back of steady interest rates and economic growth.
