Bank of Astana JSC announced a 2 billion Kazakhstani tenge increase in its authorized capital through a share placement as part of plans to bolster the bank's capital adequacy and its resistance to risk absorption, it said June 9.

The lender noted that its shareholders exercised their preemptive right to purchase these shares.

On June 8, Bank of Astana said it will launch an IPO of 2,173,914 of its ordinary shares on the Kazakhstan Stock Exchange at a price of 1,150 tenge per share. The subscription period will run from June 12 to June 26.

Trading is expected to commence at June-end. Shareholder Tokhtarov Olzhas will purchase the lender's shares for 2 billion tenge, under preemptive right, Reuters noted.

Freedom Finance will act as the underwriter and market-maker for the offering, while Eurasian Capital will serve as co-underwriter, according to the newswire.

As of June 9, US$1 was equivalent to 315.73 Kazakhstani tenge.