EghtesadOnline: The Securities and Exchange Organization has given the go-ahead to Iran Fara Bourse to increase its capital by 300 billion rials ($7.14 million), according to an official SEO statement released on Wednesday.
With the fresh money, IFB’s total capitalization will reach 1 trillion rials ($23.8 million). The stock exchange will issue 300 million of new shares each priced at 1,000 rials. The capital increase will primarily be funded through IFB’s retained earnings amounting to 160 billion rials ($3.8 million) and the rest will come through other sources. A document published by IFB on www.codal.ir points to financial restructuring as the reason behind the capital increase with “reaching minimum capital required for exchanges” as the main aim. Iran Fara Bourse, Iran’s second-largest equity market, is listed on its base market as “FRBP”, according to Financial Tribune.