September 28 (SeeNews) - The state-owned Investment-Development Bank of Bosnia's Serb Republic, IRBRS, said on Wednesday it is selling shares representing a 23.07% stake in local insurer Krajina Osiguranje [BANJ:KROS-R-A] for a total of 920,261 marka ($449,857/470,521 euro).
The shares will be offered under the all-or-nothing principle from October 10 to October 24 at a starting price of 0.193 marka per share, below its nominal value of 1 marka, the IRBRS said in a filing to the Banja Luka Stock Exchange (BLSE).
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The IRBRS holds the 4,768,192 shares in Krajina Osiguranje which are offered for sale through its Share Fund.
According to BLSE data from September 22, IRBRS's Share Fund is the second largest shareholder in Krajina Osiguranje, after local construction company Prijedorputevi which holds 33.87% stake in the insurer. Individual investors Naveen Aggarwal and Neete Gupta follow with a 16.7% stake each.
Krajina Osiguranje's shares did not trade on the Banja Luka Stock Exchange (BLSE) in the past year.
The Serb Republic is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)