April 26, 2013 / 3:15 PM / 4 years ago

VTB's board approves new share sale at 4.1 kopecks per share

MOSCOW (Reuters) - The supervisory board of VTB (VTBR.MM), Russia's No.2 lender, has approved going forward with an additional share issue at the price of 4.1 kopecks per share, the bank said in a statement on Friday.

VTB said it will issue 2.5 trillion of new shares, transforming into approximately 19 percent of the bank's increased capital, according to Reuters calculations.

The price of 4.1 kopeks is at a discount to its closing share price on Friday of 4.5 kopeks.

VTB had planned to raise up to 100 billion roubles ($3.21 billion) via a new share sale, which would dilute the government's 75.5 percent stake and improve the bank's capital ratio, essential to meet its loan growth targets.

Reporting by Katya Golubkova; editing by Megan Davies

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