Polish lender Alior Bank SA sold PLN464 million (USD151 million) if its new shares yesterday. The proceeds will fund the bank's expansion, according to Bloomberg.
According to a regulatory statement today, Alior put up 6.38 million of its shares for sale at PLN73 apiece. The shares represent a 9.1% stake in increased capital. The bank's shares soared 3.3% to a two-week high of PLN76.85 as of 10:25 am in Warsaw, the report detailed.
The Polish bank sought to raise new funds after the country's financial regulator required Alior to stop booking insurance fees upfront two months ago. New accounting regulations reduced the bank's third-quarter profit by PLN105 million, according to an October 17 regulatory filing. The filing also showed that Alior's equity capital was cut by PLN330 million as of the end of 2012, the report said.
According to the mean estimate in Bloomberg's survey of six analysts, the net income of Alior will probably rise 73% to PLN375 million in 2014, Bloomberg reported.
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