OREANDA-NEWS. On 05 March 2008 was announced, that Nyzhniodniprovsky Pipe Plant (NITR) plans to increase its share capital 642% by issuing 346.1 mln shares at a nominal value of UAH 0.25 per share ($0.0495/share). The issue must be approved at the company’s AGM on March 18, after which NITR will have 400 mln outstanding shares and $19.8 mln in share capital.

 The company plans to issue shares in two stages. The first takes place in May 19-June 2 during which all current shareholders can subscribe to the issue according to their pro-rata share of NITR’s statutory fund. The second stage will take place from June 3-June 5 when shareholders will subscribe on a first come, first served basis. The company plans to use the proceeds for technical modernization and replenishing working capital.