Sberbank summed up March 7 the results of its domestic rights offering of 3.5 million new shares at 89,000 rubles (about $3,396) per share for investors with pre-emptive rights. The bank's existing shareholders have paid for 1,643,489 shares worth 146.3 billion rubles (about $5.57 billion) or 99% of their submitted bids, the press office said.
The remaining 1.856 million shares will be placed through open subscription March 8-21, Sberbank CEO Andrei Kazmin said.
Sberbank is Russia's largest bank, with 60.57% of its shares controlled by the Central Bank. Sberbank's branch network includes 17 regional banks and 832 branches. The Central Bank of Russia said it would cut its stake in Sberbank to 55.34% after the additional share placement.
Kazmin said demand for the secondary offering had largely come from the domestic market, with 49,197 applications filed during the placement, including 262 requests from nonresidents submitted through brokers.
Russian Finance Minister Alexei Kudrin earlier said the volume of applications for Sberbank's secondary offering was estimated at more than 260 billion rubles (about $9.9 billion) while Kazmin put this figure at 270 billion rubles (about $10.3 billion).
