MOSCOW (Reuters) -Russian state-owned lender VTB on Friday set the price for its secondary public offering (SPO) at 0.018225 roubles per share, implying a maximum capital raising of 196.5 billion roubles ($2.43 billion).
A total of 9.3 trillion shares with a par value of 0.01 roubles each will be placed by public subscription, VTB said.
The bank expects to bounce back to profit this year after a huge net loss in 2022 as Western sanctions hit Russia’s financial sector.
CEO Andrei Kostin has presented the SPO, as well as other additional share issues this year, as a means to help the bank resolve capital problems.
“Plans for the additional issue do not come as a surprise to the market,” said BCS Express analysts.
“However, the announced price of the issue is 15% lower than market (price). VTB shares could come under pressure this morning.”
VTB’s Moscow-listed shares closed at 0.021770 roubles on Thursday.
($1 = 80.7100 roubles)
(Reporting by Elena Fabrichnaya; writing by Alexander Marrow; editing by Jason Neely)
