INGOSSTRAKH SPAO The Bank of Russia registered the report on the issue of shares of Ingosstrakh Insurance Company. The issue consists of 2.5 billion of securities with a par value of 7 rubles each. The share capital is now equal to RUB 17.5 bn. The placement of securities was effected by conversion of the existing shares into the shares of the same category with a higher nominal value.
The issue results in a seven-fold increase of the authorized capital of Ingosstrakh Insurance Company, from RUB 2.5 bn to RUB 17.5 bn. This is the highest amount of share capital in the Russian insurance market.
The issue of shares has not resulted in any changes to the shareholding structure of the company and the proportion of the shares owned by particular shareholders.
The procedure ofadditional issue of shares has been completed. The documents required for the registration of the amendments to the Article of Association of Ingosstrakh Insurance Company that involve the increase of the share capital to RUB 17.5 bn were filed by the company for registration to the Interdistrict Inspectorate of the Federal Tax Service No. 46 of Moscow(registration authority).The amendments to the Articles of Association are expected to be made in the near future.
To recall, on May 28 this year the Meeting of Shareholders of Ingosstrakh Insurance Company made a decision to increase the authorized capital of the company to 17.5 billion rubles by changing the nominal value of the company's shares.
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