Business & Finance Club - Kuwait : National Bank of Kuwait (NBK), the country's biggest lender, said on Tuesday that its 10 percent rights issue will start on October 5.

The subscription period for the issue, which was approved by the bank's shareholders in March, will end on October 21, NBK said in a statement on the Kuwaiti bourse.

The issue is at a price of 500 fils per share including premium, and will raise 32.7 million dinars ($114 million), according to Reuters calculations.

NBK's shares were trading flat at 1.5 dinars at 0746 GMT. The bank had said the capital increase is intended to support expansion plans. NBK has been expanding to offset rising competition at home.