The plan is to raise the insurer’s capital by RON424.91 million by issuing 159.74 million shares at a face value of RON2.66.
The raise will be performed in two stages, the first of which will last a month and will allow existing shareholders to exercise their preference rights on the new shares. The second stage will last five working days and will target shares left unsubscribed from the first.
Shares left unsubscribed in the end will be annulled.
In February 2014, Romania’s financial authority placed Astra under special administration, suspended shareholders’ voting rights and appointed KPMG as special administrator. Astra was required to raise its share capital by RON490 million in the next 12 months.
Astra Asigurari is the third largest insurance company in Romania, after Allianz-Tiriac and Omniasig. It had underwritings of RON777.24 million in 2014.