Russian insurer PAO Rosgosstrakh completed the issuance of 25 billion additional shares, raising 10 billion Russian rubles to finance the company's development, news agency TASS reported Aug. 2.

The shares were offered in an open subscription at 40 kopecks apiece. The company did not disclose the names of investors participating in the offering, TASS said.

The number of the shares acquired in the offering constitutes 21.5% of all shares the company planned to sell as part of its additional issuance approved by its shareholders in November 2016, the report said. The insurer said at the time that it wanted to offer 116,125,935,230 shares, hoping to raise more than 46 billion rubles.

Otkritie Holding JSC, which is reportedly in merger talks with Rosgosstrakh Group, did not participate in the additional offering, TASS said, citing Otkritie's representative.

As of Aug. 2, US$1 was equivalent to 60.75 Russian rubles.