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Russia's URSA Bank to raise $400 mln from share offering

KAZAN, May 20 (RIA Novosti) - URSA Bank, a leading Russian regional bank with foreign interest, said Sunday it expected to raise about $400 million from the placement of 194.16 million newly issued preferred shares.

URSA Bank, established after the recent merger of the Siberia-based Sibacadembank and the Urals-based Uralvneshtorgbank, said the price range for the share offering was $1.95-$2.35 per share.

URSA Bank, which has more than 260 branches across Russia, said the order book for its share offering representing about 14.4% of its enlarged charter capital would be closed May 31 and the offering price per share would be determined June 1.

URSA Bank has a charter capital of 1.15 billion rubles (about $45 million) divided into 969 million ordinary and 184 million preferred shares. After the share offering, the bank's capital is expected to grow 16.9% to 1.34 billion rubles (about $52 million).

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