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Russia's Zenit Bank set for new share issue

MOSCOW, August 13 (RIA Novosti) - Russia's Zenit Bank intends to place newly-issued shares via open subscription following a decision by an extraordinary shareholders' meeting, the bank's press office said Monday.

In accordance with the decision, the bank will increase its charter capital by 14.3% to 13.2 billion rubles (about $518 million) by placing 1.65 billion newly-issued ordinary shares with a par value of 1 ruble each, the bank said in a statement.

The price of the new share offering in rubles and foreign currency will be set by the bank's board of directors after shareholders exercise their pre-emptive rights, the statement said.

Experts earlier said Zenit Bank planned to hold an initial public offering soon, but bank officials have not yet commented on whether the newly-issued shares would be placed on a stock exchange.

Founded in 1994, Zenit Bank had assets of 101.3 billion rubles (about $3.98 billion) and shareholder equity of 11.2 billion rubles (about $439 million) as of April 1.

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