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

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. ($1=21,000 dong.

reuters

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