China Construction Bank, China's second-largest lender, Friday said its rights issue plan had been approved in principle by the China Banking Regulatory Commission.

It plans to offer a 0.7-for-10 rights issue to existing shareholders, according to a statement filed to the Shanghai Stock Exchange.

The bank said earlier it planned to raise up to 75 billion yuan (US$11.08 billion) through the rights issue on the Shanghai and Hong Kong exchanges.