State-controlled Banque National Agricole BNA completed its capital increase from TND176 million to TND320 million (about $105 million), a statement issued July 3 by subsidiary BNA Capitaux indicated.

The operation was done through cash injection and capitalization of reserves. TND140.8 million was raised through the issue of 28,160,000 shares at TND12 each, split into TND5 in par value and TND7 in share premium. Shares were subscribed on the basis of 4 new shares for 5 existing shares.

The remaining amount (TND3.2 million) was collected through the allocation of 640,000 free shares with a par value of 5 dinars each following the capitalization of reserves. These free shares were granted at the rate of one new share for 55 existing shares.