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Report: Promsvyaz Capital weighing secondary public offering for Vozrozhdenie Bank

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Report: Promsvyaz Capital weighing secondary public offering for Vozrozhdenie Bank

's mainshareholder, Promsvyaz CapitalBV, is considering options including a secondary public offering ofthe lender's shares to increase free float by around 15%, news agency Primereported April 28, citing RIA Novosti.

Higherfree float is needed to keep the current top level listing that Vozrozhdenieshares have on the Moscow Stock Exchange. A final decision is to be taken inthe summer of 2016, Promsvyaz Capital's spokesperson was reportedly cited assaying.

PromsvyazCapital has a 70.87% stake in Vozrozhdenie. Former Russian senator ViktorPichugov owns 10% of the bank, while the remaining shares are owned by minorityshareholders, the news report said.