PORTLAND, Maine - Peoples Heritage Financial Group Inc. said it had launched a rights offering to common shareholders in an effort to add $32 million to the capital of Peoples Heritage Bank.

On Sept. 30, the Tier 1 leverage capital ratios were 5.52% for the holding company, which has $2.3 billion in assets, and 4.48% for its thrift.

The company is distributing transferable rights to purchase common stock to shareholders of record of Dec. 3. The rights, which must be exercised or sold by Dec. 22, entitle holders to buy shares at $5.75 each. The shares were quoted Friday at $7.375.

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