United Development Company (UDC) is planning to increase the capital by 50% through a rights issue to support its fast growing business that spans from real estate and district cooling to energy-related sectors.The company’s board has recommended to the extraordinary general assembly to approve a 50% increase of the capital, amounting to QR800.44mn, to be distributed over 80.44mn shares, an UDC spokesman said in a communiqué to the Qatar Exchange.The shares are to be offered for public subscription giving priority to existing shareholders. The share is offered at a par value of QR10, plus a premium value to be determined in accordance with the share’s market price at the time of issuance, he said. The remaining shares are to be offered to public subscription at a price that the board of directors deems appropriate, according to the spokesman. The proposed capital increase is subject to the approval of the Ministry of Business and Trade and satisfying all related legal proceedings, he added.UDC had recently said it was establishing two-fully owned subsidiaries in Cayman Island - each with $50mn capital - which would act in the field of real estate development and investment. UDC’s total equity stood at QR5.31bn on a capital base of QR1.61bn as on June 30, 2011.Separately, UDC also said its board has approved amendments to the financing agreement signed under the name of Medina Centrale, its wholly-owned subsidiary, with a group of banks, allowing for a financing limit not exceeding QR1.10bn.The board has also authorised UDC’s managing director/president to finalise all related proceedings for signing the amendment of the agreement.In a separate communiqué, the QE announced that National Leasing Company (NLC) has decided to appoint Ernst & Young to undertake a due diligence regarding a proposed capital increase in view of its expansion.“Due to the company future expansion activities, the board has decided to engage Ernst and Young for a feasibility study on increasing the capital and to be submitted to the board later,” a NLC spokesman said.