BT raises 34 million euros

The shareholders of Banca Transilvania subscribed shares worth 120.8 million RON, that is 97.2% of the total shares offered, the lender announced. The Extraordinary General Meeting of Banca Transilvania shareholders decided in April to increase the bank’s share capital by 156 million RON, to 392.7 million RON. The increase was to be done by including the reserves made from the net profit into the capital, by using the issue premiums collected in 2005 and by contribution in cash. As part of this operation, the shareholders of the bank had the right to subscribe 150 new shares each for every 1,000 shares held, at a price of 0.35 RON. A number of 18,216 subscribers participated in the operation completed on June 30, a release of the bank sent to the Bucharest Stock Exchange shows. The remaining shares, 9.8 million euros, will be offered to the bank’s employees for subscription at a price of 0.36 RON each.