UBS AG, the biggest European casualty of the subprime crisis, plans to sell new shares at a 31 percent discount to yesterday's closing price.

That would raise 15.5 billion Swiss francs ($15.6 billion) in new capital, 1billion more than initially planned.

The shares will be sold at 21 francs each and investors are entitled to 7 new shares for each 20 held, the Zurich-based bank said today in a statement.