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In the News

Azerbaijan-based bank increases par value of shares by over a third

September 28, 2014

Photo: Azerbaijan-based bank increases par value of shares by over a third / Business

Azerbaijani State Committee for Securities registered the issue prospectus of ordinary undocumented nominal shares of Azerbaijan-based Bank Avrasiya.

The issue volume is 40 million Azerbaijani manats (approx. $50 million).

Within the issue the par value of shares will rise by 33 percent up to 2,000 manats.

The securities committee said on its website that the issue prospectus will be placed by means of conversion of 20,000 shares, at par value of 2,000 manats each, to the same number of shares at par value of 1,500 manats.

Following this, the authorized capital of the Bank Avrasiya will rise from the current 30 million manats to 40 million manats.

Azerbaijani Central Bank's minimum requirement on the aggregate capital stands at 50 million manats as of late 2014.
Bank Avrasiya has been operating in Azerbaijan since November 2007.

The official exchange rate for September 28 is 0.7844 manats/US dollar.

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