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  Monday, November 30, 2020
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Vneshtorgbank has floated 22.5% of shares, raising its value to $35.5 billion
Vneshtorgbank has floated 22.5% of shares, raising its value to $35.5 billion, Russia's second largest bank said Friday. Last December, the government approved reducing its stake in VTB from 99.9% to 75% plus one share in the global offering "A total of 1.513 trillion shares of a new issue, or 22.5% of the increased shareholder's equity, have been offered to investors," the bank said in a news release. VTB has accepted over 131,000 individual applications worth $1.6 billion. The bank said earlier Friday that its supervisory board had set the share price for its floatation at 0.136 rubles ($0.0052) each. In London, where Russian stock market regulators approved the offering of Global Depositary Receipts (GDRs) worth about 70% of the additional issue, the GDR price was set at $10.56. After the additional issue of over 1.73 trillion 1-kopek shares (25% of the capital), the bank's chartered capital will grow from 52.1 billion rubles ($2 billion) to 69.44 billion rubles ($2.7 billion).
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