22 Jun 2010 17:45

MBRD to raise 5.1 bln rubles from Sistema

MOSCOW. June 22 (Interfax) - Shareholders in Moscow Bank for Reconstruction and Development (MBRD) will vote on a charter capital increase at their annual meeting on July 23, the bank said in a statement.

The bank plans a private placement of shares in favor of controlling shareholder AFK Sistema .

The placement of 942,431 shares will boost charter capital by 471.3216 million rubles or 53.36% to 1.354 billion rubles.

The bank plans to sell the shares for 5,464.59 rubles each, for a total of 5.150 billion rubles.

Sistema said at the end of April that it would provide financing to subsidiaries that need it via investment in charter capital, not loans.

Sistema currently owns 77.29% of MBRD equity.

MBRD was the 31st biggest Russian bank by assets according to the Interfax-100 list as of the end of the first quarter of 2010.