MOSCOW (Reuters) - Russian consumer lender TCS Group (TCSq.L), the parent company of Tinkoff Bank, said on Thursday it would raise extra capital by offering 18.3 million global depositary receipts (GDRs) representing about 10% of its issued share capital.
“The company intends to use the proceeds it receives from the offering to increase Tinkoff Bank’s capital adequacy position,” it said in a statement.
TCS said any of its shares and GDRs held directly or indirectly by Oleg Tinkov, the founder of the group, or by the group itself, would be subject to a lock-up through Dec. 31.
(This story corrects the day to Thursday in the first paragraph).
Reporting by Maria Kiselyova; Writing by Andrey Ostroukh; Editing by Edmund Blair