Barclay on rise owing to Abu Dhabi backing

BarclaysThe FTSE 100 continued with gain for the fourth day in a row despite discouraging public finance data. The day remained stronger for Barclays which rose 18 per cent during the week.

The bank failed to do well in the initial hours but overall scenario changed in the second half when the index rose 48.45 points to 5,325 mainly led by miners.

Meanwhile, the Britain based Barclays has said that an Abu Dhabi-linked investor has raised its holding in the bank by 5.2 per cent through a deal worth around $1.9 billion.

Barclays which reported a record profit of £11.6 billion, said in a statement, “Barclays has today received notice of the exercise by PCP Gulf Invest 3 Limited, owned by Nexus Capital Investing Ltd, (“PCP3”) of 626,835,443 of the
758,437,618 warrants it holds in Barclays PLC for an aggregate exercise price of approximately £1,240 million.”

Ali Jassim said on the behalf of PCP3 said that it would continue to maintain strong commercial and strategic ties with Barclays in future. Barclay’s Chief welcomed the statement made by PCP3 and said that the move to issue warrants would help to strengthen its core tier 1 capital in the country.