Bank of Moscow hopes to raise 111.2 bln rubles from its additional share issue, including funds from VTB
MOSCOW. Oct 5 (Interfax) - Bank of Moscow plans to hold an additional share issue, from which it might raise up to 111.2 billion rubles for its capital, including funds from VTB .
According to materials for an extraordinary meeting of Bank of Moscow shareholders slated for October 26, 2011, the number of additional common shares to be placed comes to 100 million at a face value of 100 rubles each. The placement will be held by a closed subscription in favor of VTB Group subsidiary, VTB Pension Administrator.
The placement price was set at 1,111.77 rubles per share. The shares will be paid with funds. Therefore, Bank of Moscow might raise up to 111.177 billion rubles from the additional share issue.
The material said that appraiser LLC VS-Ocenka put the market value of one common share in Bank of Moscow at 1,111.77 rubles as of July 1, 2011.
Bank of Moscow's charter capital consists of 180 million common shares. Therefore, the entire bank has been valued at 200.1186 billion rubles.
The banks' equity came to 58.151 billion rubles on September 1. This allows one to conclude that the whole bank had been assessed at 3.4 capital.
Following the placement of the planned additional share issue, the bank's charter capital will increase by 10 billion rubles, or 60%, to 28 billion rubles. The bank's equity might expand by 190% to 169.328 billion rubles.