MTS Bank board of directors approves additional share issue up to 3.6 bln rubles

MOSCOW. March 13 (Interfax) - The board of directors of MTS Bank has approved an additional issue of ordinary shares totaling up to 3.6 billion rubles, the lending institution said in materials.

The bank could boost equity capital by 3.593 billion rubles to 18.6 billion rubles by placing additional ordinary shares totaling 7,187,042 shares at par value of 500 rubles each through a public offering.

An Interfax source familiar with MTS Bank's plans said that the lending institution has been rendering technical preparations for a potential initial public offering.

MTS Bank ranked 24th in 2023 in terms of assets in the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis. The bank is owned by telecom company MTS, 42.085% of which is owned by AFK Sistema .