Sberbank has raised 230.24 billion rubles from its new share offering

Saturday, October 31, 2020

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Russia's state-controlled retail savings bank Sberbank [RTS: SBER] has raised 230.24 billion rubles (about $8.86 billion) from its new share offering, the bank's press office said Tuesday. Sberbank held its domestic rights offering of 3.5 million new shares at 89,000 rubles (about $3,396) per share through open subscription between February 22 and March 24 to raise funds to meet growing demand for loans, the press office said. Overall, Sberbank placed 2,586,948 shares or 73.9% of its new share offering, the press office said. The bank's existing shareholders exercised their pre-emptive rights to purchase 1,643,489 shares worth 146.3 billion rubles (about $5.57 billion), which represents 99% of their submitted bids or 46.96% of the new share offering, Sberbank said earlier. Sberbank CEO Andrei Kazmin earlier said demand for the new share offering had largely come from the domestic market, with 49,197 applications filed during the placement, including 262 requests from nonresidents submitted through brokers.