Şekerbank opens TL 1 billion rights issue at par to fund growth
The bank is offering 40 new shares for every 100 at TL 1 each until 5 November, its KAP notice of 21 October shows, lifting capital to TL 3.5 billion.
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Şekerbank T.A.Ş. is selling TL 1 billion of new shares to its existing shareholders at TL 1.00 each, lifting its issued capital from TL 2.5 billion to TL 3.5 billion, according to the bank's corrected rights notice on the Public Disclosure Platform (KAP) of 21 October 2026. The rights period opened on 22 October and runs for 15 days to 5 November. Holders may take up 40 new shares for every 100 they own, and the offer is fully paid in cash.
The price equals the shares' nominal value of TL 1, and the notice states that pre-emptive rights are not restricted. The increase takes issued capital to the full amount of the bank's registered capital ceiling of TL 3.5 billion.
From calendar entry to open offer
Boards and Capital listed the issue in its Issuance Calendar of 19 October as approved, with dates not yet set. The 21 October notice now fixes them, and the offer appears with its dates in the 26 October edition.
The KAP notice sets out the timetable. Şekerbank's board approved the increase on 7 May 2026, the bank applied to the Capital Markets Board (SPK) on 3 June, and the regulator approved the prospectus on 16 October. The approval appeared in SPK bulletin 2026/70 of that date alongside a bonus issue for Mercan Kimya and debt ceilings for Tüpraş, Anadolu Efes and others, Foreks reported that evening. The approved prospectus was published on KAP on 20 October.
The notice gave 23 October as the record date. Shareholders who did not want to subscribe could sell their rights on Borsa Istanbul until Wednesday 28 October: the notice says rights trading opens on the first day of the period and closes five business days before the period ends. Subscribers pay in full through their brokerage accounts, and the money is collected at a Şekerbank account at its Küçükesat branch. Şeker Yatırım Menkul Değerler A.Ş. is named as the intermediary for the sale.
Any shares left after 5 November will be offered on Borsa Istanbul's primary market for two business days at no less than nominal value, and shares still unsold after that will be cancelled within six business days, the notice says. Settlement is T+2 through Takasbank and the Central Registry Agency.
What the draft prospectus said
The draft prospectus filed with the SPK on 3 June states that the proceeds "büyümeye yönelik ilave kapasite sağlanması amacıyla kullanılacaktır", meaning they will be used to provide additional capacity for growth. It gives no breakdown. Assuming all rights are exercised, the draft put net proceeds at TL 995,257,500 after estimated issue costs of TL 4,742,500, of which TL 2,000,000 was the SPK fee and TL 1,575,000 the lead broker's commission including tax.
The draft did not record any undertaking by the main shareholders to exercise their rights, and it described no underwriting guarantee. Among the holders it listed was Samruk-Kazyna Invest LLP, of Kazakhstan.
The same draft put the bank's consolidated capital adequacy ratio at 25.25 per cent at the end of 2025, down from 28.56 per cent a year earlier, as consolidated total assets grew to TL 222.66 billion from TL 129.77 billion. Consolidated net profit for 2025 was TL 2.86 billion. The draft also noted that the auditor gave a qualified opinion on the 2025 accounts, citing a reversal of TL 396.4 million of free provisions.
A lower ratio by mid-year
The consolidated ratio was lower again by mid-year. At 30 June 2026 it stood at 23.27 per cent, with a standalone ratio of 21.31 per cent, Ekonomi Gazetesi reported from the bank's half-year results. On a standalone basis, total assets were TL 268.9 billion at the end of June, up 32 per cent from the end of 2025, and consolidated net profit for the first half was about TL 2 billion. The standalone asset figure is not comparable with the consolidated year-end total in the draft prospectus.
At TL 1 billion, the issue is small against a balance sheet of that size, but it is new equity raised in cash rather than a bonus issue from reserves. It is running as the central bank eases policy: Boards and Capital reported the cut in the policy rate to 36 per cent, the first reduction since January.
The rights period closes on 5 November. Any unsubscribed shares then go to Borsa Istanbul's primary market for two business days, after which the final size of the bank's issued capital will be known.