DUBAI, Emirates NBD has announced the sale of an aggregate of 52.6 million ordinary shares in the share capital of UAE-based payments firm Network International in a deal worth AED1.37 billion ($304.9 million).

The bank said in a statement to Dubai Financial Market on Thursday that it executed the sale of shares via an accelerated bookbuild to institutional investors at a price of 580 pence per ordinary share.

"Following the completion of the placing, Emirates NBD Bank will hold 59.7 million ordinary shares in the share capital of Network International, representing approximately 11.9 percent of Network International's entire issued share capital.

The bank will raise AED1.37 billion from the sale, and Network International will not receive any proceeds from the placing, the statement said.

The bank added that Citigroup Global Markets Limited, Morgan Stanley & Co International, JP Morgan Securities and Emirates NBD Capital Limited acted as bookrunners.

Source: Emirates News Agency