Barclay Plc said that they are planning to raise GBP5.8 million or US$8.9 billion through rights offering. Balclays said that the rights offering would help the company boost its capital after the 17% first half profit decline. The company said that the stock offerings, alongside asset sales, will boost Barclays' core Tier 1 capital ratio to 10.5%.

The stock offering is tagged as the biggest by a British bank in the last four years, marks the biggest setback for Barclays Chief Executive Officer Anthony Jenkins since he stepped into office. This follows the CEO's GBP200 million fine for rigging interest rates in the previous year. Jenkins is set to find ways to plug Barclays' capital deficit using the company's convertible bonds.

"After careful consideration of the options, the Board and I have determined that Barclays should respond quickly and decisively," Jenkins said in the statement.

Barclays booked a GBP200 billion charge to cover the costs to compensate clients for the improperly sold payment protection insurance as well as interest rate hedging products.