Deutsche Bank said it will raise €8 billion by selling stock at a 35% discount to Friday's closing price. The move is aimed at boosting its financial situation.

In a press release, the bank said it will issue 687.5 million new shares at €11.65 apiece. The closing price was €17.86 on Friday.

Shareholders of Deutsche Bank will be able to buy 1 new ordinary share for every 2 existing shares held. The dividends rights for the new shares will be the same as for the existing ones.

The subscription rights are expected to be traded on March 21-April 4 in Germany, Britain and the United States. This will be the fourth capital infusion for Deutsche Bank over the past seven years. The bank intends to increase its capital adequacy ratio to 14.1% compared with 11.9% at the end of 2016.

Despite the shares decline in March ahead of the capital increase, the bank’s stock is still up 80% from the record low hit on September 30. Investors are quite optimistic as they await economic growth and the rates hike which would lead to a rise in profits.