Vietnam's BIDV to issue 510 mln new shares by Sept 2013

TN News

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The Bank for Investment and Development of Vietnam (BIDV) plans to issue about 510 million new shares by September this year to fund a capital increase and dividend payments.

In a prospectus issued on Tuesday, BIDV said the shares would have a face value of 10,000 dong ($0.5) each and would be sold to existing shareholders.

The bank, which is majority state-owned, aims to raise $203 million by selling 405.8 million shares, and part of the fund would go towards increasing its registered capital which currently stands at $1.1 billion, the prospectus said.

The remaining shares would be given as dividends.

Hanoi-based BIDV is Vietnam's third-largest bank by assets. The lender sold an equity stake equivalent to about 3 percent to private investors in 2011. The government retains the remaining stake.

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