VTB planning additional issue of up to 49% of shares for partnership with Wildberries, price at 87 rubles per share

MOSCOW. May 26 (Interfax) - VTB is planning a new SPO in order to fund its partnership with the Wildberries-Russ (RWB) group.

The bank said that its supervisory board had taken the decision to propose shareholders discuss increasing charter capital through an additional issue of ordinary shares via open subscription at their meeting on June 30. The proposed price is 87 rubles per share.

The bank said in a statement that it planned to place up to 6,292,651,866 shares, which is around 49% of its ordinary shares. After the SPO, the government's share will remain at above 50% of the bank's charter capital.

"The total volume of the additional share issue will be determined taking into account the bank's actual needs and the market situation at the time of placement, and will be announced in accordance with the established procedure after the book building," the bank said.

The funds raised will be used "to fund the partnership with the RWB group and the development of the bank's core business".