Nord/LB Lietuva to issue equity finance

  • 2005-06-08
  • From wire reports
VILNIUS - Nord/LB Lietuva, Lithuania's third largest bank by assets, is planning to raise some 74 million litas (21.5 million euros) through a share issue this week.

The bank, which is controlled by Germany's Nord/LB, said on June 3 that the issue would be floated in two stages, with the first one lasting 15 days and the second five days, during which shares may be acquired by those shareholders who bought securities during the first stage.

The sale price of the shares (nominal value is 95 litas) has been pegged at 180 litas. The bank last traded for 280 litas on the bourse.

The new issue, which will be available for all existing shareholders, will raise the authorized capital of the bank to 234.11 million litas.

Nord/LB, which owns 93.1 percent of the bank, will pay 68.78 million litas to retain its proportional stake in the bank.

As of late March, East Capital Asset Management, Swedish investment fund, controlled 6.5 percent of Nord/LB Lietuva, while small shareholders held a combined stake of 0.32 percent.