Azerbaijani Parabank Doubles Its Capital

Baku, Azerbaijan, Aug. 25



Trend:



Azerbaijani State Committee for Securities registered the issue prospectus of ordinary registered book-entry shares of Parabank OJSC, according to a message form Baku Stock Exchange (BSE).



The issue volume is 20 million AZN.



Some 100,000 shares at par value of 200 AZN each will be issued as part of the emission, BSE said Aug. 25.



The placement underwriter is the Unicapital OJSC.



Following the placement, the bank's authorized capital will be almost doubled - to 41.9 million AZN, and total capital - to 40.9 million AZN.



Azerbaijani Central Bank's minimum requirement on the aggregate capital is 50 million AZN as of late 2014.



Parabank was founded on December 3, 1991. Just over 80 percent stakes in the bank are owned by five individuals, and the rest by 14 minority shareholders.



The official exchange rate for August 25 is 0.7844 AZN/USD.



Edited by CN