Azerbaijani Atrabank increases capital by five times
Baku, Azerbaijan. Nov. 19
By Abbas Akhundov - Trend:
The State Committee for Securities of Azerbaijan registered the prospectus of ordinary registered book-entry shares of Atrabank OJSC totaling 40 million manats, the committee's message said on Nov. 19.
Some 100,000 shares at a par value of 400 manat each will be issued as a part of the emission.
As a result of the placement, the bank's authorized capital will reach 50.42 million manats.
According to the decision of the Central Bank of Azerbaijan, the requirement for the minimal volume of the aggregate capital for the country's banks was increased from 10 million to 50 million manats.
AtraBank was established in December 1992. The bank has 30 shareholders, three of them being legal entities, and 27 being individuals. The main activities of the bank are the development of agricultural, textile, oil and other industries.
The official exchange rate for Nov. 19 is 0.7844 AZN/USD.