China regulator approves $6.7bln ICBC rights issue

The lender also raised $3.75 billion from a September convertible bond sale to boost capital.

China's securities regulator said Friday it approved a plan by Industrial & Commercial Bank of China Ltd. to raise as much as CNY45 billion ($6.7 billion) from a rights issue to shore up its capital base, according to a report in The Wall Street Journal.

China's biggest bank by assets has now cleared the last regulatory hurdle to the planned rights issue. The China Securities Regulatory Commission didn't give a time frame, but listed companies usually launch rights offerings within a month of gaining approval.

ICBC announced in August it planned a 0.6-for-10 rights issue to existing shareholders in Shanghai and Hong Kong. It also raised CNY25 billion ($3.75 billion) from a convertible bond sale in September as part of its efforts to boost capital.