Sovcombank will carry out an additional issue of shares to buy Home Bank. The authorized capital of the credit institution will increase by 5.7%; With the funds from the additional issue, Sovcombank plans to acquire 51% of the capital of Home Bank.
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Sovcombank shareholders approved an additional issue of shares of the credit institution. This is stated in the bank’s message published on the Corporate Information Disclosure Center website.
As part of the additional issuance, Sovcombank will place more than 1.1 billion ordinary shares by closed subscription and a par value of 0.1 rubles. The bank’s supervisory board determines the placement price based on the market value.
Following the additional issuance, Sovcombank’s authorized capital will increase by 5.7%. With the funds from the additional issue, the bank plans to complete the first stage of the transaction to purchase Home Bank and acquire 51% of the capital of the credit institution. Sovcombank hopes to complete the second stage, the purchase of 49% of the shares, using cash.
Sovcombank’s intention to acquire Home Bank was first known in February 2024. At that time, the closing date of the deal was tentatively set at the end of 2024.
In April 2024, the Central Bank and the FAS granted Sovcombank permission to acquire Home Bank.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
