Azerbaijan State Oil Fund to purchase VTB Bank shares for $500 million

The VTB Bank Supervisory Board announced its decision to raise additional capital funds amounting to up to 102.5 billion rubles ($3.23 billion) by issuing 2.5 trillion of additional shares by open subscription at 0.041 rubles per one additional share. The Bank of Russia registered the decision to issue additional shares and the prospectus on April 26, 2013.
Along with the State Oil Fund of Azerbaijan (SOFAZ), VTB Bank has received firm commitments from a group of investors, including existing and prospective shareholders, as well as from the two largest sovereign wealth funds: Norges Bank Investment Management (Norway) and Qatar Holding LLC (Qatar), to participate in the subscription to all of the additional shares on offer.\
Raising additional funds in the capital increase will allow the VTB Bank to increase the adequacy ratio and core capital adequacy ratio compared to 31 December 2012 by approximately 11.9% and 16.3%, respectively, after the placement of additional shares, Trend reports.

Adapted from: Vestnik Kavkaza


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