The Bank of Russia's department for licensing and rehabilitation of lending institutions registered on Friday, November 20, an additional issue of common non-documentary registered shares of Orient Express Bank to be placed via open subscription. The additional share issue passed state registration under individual number 10201460В007D.
The issuer plans to float 300 bln shares of the additional issue with par value of Rub 0.01 per share. So, the additional share issue will total Rub 1 bln at par.
According to data on the CBR website, currently Orient Express Bank's charter capital is slightly below Rub 3.42 bln.
As posted on the bank's website, its board of directors decided to issue the additional shares on October 23, 2015. The bank's current shareholders hold the preemptive right to buy additional shares subject to placement in the amount equal to the shares of this category that they hold. The stock placement price (including in favor of those who have the preemptive right) will be determined by the bank's board of directors after the period of the preemptive right expires. The price cannot be lower than par value.
In late September Orient Express Bank announced some changes among its shareholders, with investment fund Baring Vostok increasing its stake from 67% to 74.4%, and new shareholders are now the bank's management board chairman Alexei Kordichev (acting management board chairman at that time) and finance director Konstantin Rogov, who got 3% and 1%, respectively. The bank specified that an equity stake held by investment fund Russia Partners was equal to 15.3%, while "Sergei Vlasov and Igor Kim pulled out to focus on their personal projects".