Existing shareholders will be diluted by the German lender's €6.75bn (£5.5bn) capital raising round, so the blow has been sweetened with the lower price on the stock.
The shares priced at €22.50, 24 per cent below the €29.79 at which the shares opened yesterday.
Existing investors get the first bite at the 299.8m new shares - for every 18 shares they already hold, they have the right to buy another five at the discounted price.
The bank is raising the funds in a bid to end any doubts in the markets about the strength of its capital position, taking its core tier one ratio from 9.5 per cent to 12 per cent.
The bank's leverage ratio is up from 2.5 per cent to 3.4 per cent as a result.
"We have taken decisive steps to protect
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