Azerbaijani bank increases capital by over 1.6 million manat
Azerbaijan, Baku, Aug. 24 / Trend N.Ismayilova /
The Azerbaijani State Securities Committee registered a proposal this week by Nikoil Bank to emit $1.654 million manat in ordinary registered shares.
The committee registered the proposal to emit roughly 8.270 shares at a par value of 0.2 manat per share. The placement will be held by closed subscription.
The bank's authorized capital is 25 million manat.
Nikoil Bank has operated in Azerbaijan since 1997 after the founding of the Nikoil Azerbaijan Investment Company (AIC Nikoil). Since 1998, AIC Nikoil has been a shareholder of the Ulpar commercial bank. Topaz Investments purchased the controlling stake in Nikoil AIC in 2008. Nikoil Bank's shareholders are: Topaz Investments - 53.1 percent; CAIC Nikoil - 28.7 percent; Uralsib-Invest - 13.9 percent; and ISR Holding - 4.3 percent.
The official exchange rate today is 0.8039 manat to $1.