Azerbaijani ASBank doubles authorized capital

Business Materials 7 August 2013 17:46 (UTC +04:00)

Azerbaijan, Baku, Aug. 7 / Trend A.Akhundov /

The State Securities Committee (SSC) has registered the issue prospectus of ordinary registered non-documentary shares of Azərbaycan Sənaye Bankı OJSC in the amount of 32 million manat, the Baku Stock Exchange reported on Wednesday.

The issue consists of 32 million shares at par value of one manat. In early August, the bank changed the face value of shares from 0.2 manat to one manat without raising its capital.

As a result of the issue placement, the bank's authorized capital will increase from the current 28 million manat to 60 million manat. The new requirement set by the Central Bank of Azerbaijan for the minimum total capital of banks, which suggests its increase from 10 million manat to 50 million manat, enters into force on January 1.

The transaction's underwriter is Celsi Kapital LLC.

Azərbaycan Sənaye Bankı has been operating since 1996.

The official exchange rate on August 7 is 0.7844 AZN / USD.