Russian oil company PJSC Tatneft will raise its stake in PAO AK Bars Bank by acquiring half the shares being issued by the lender in a capital increase.

AK Bars Bank is issuing 10 billion ordinary shares with a par value of 1 ruble apiece. Tatneft will acquire 5 billion shares, raising its stake to approximately 17.24%, the oil company said May 29.

Both Tatneft and AK Bars Bank are based in the Russian republic of Tatarstan.

As of May 29, US$1 was equivalent to 56.46 Russian rubles.