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Aozora Bank said Monday it has set the public offering price of its shares at 570 yen per share for its Nov. 14 relisting on the Tokyo Stock Exchange.

The successor to the once-nationalized Nippon Credit Bank will offer some 666.61 million shares in secondary sales, bringing the total value of sales to some 380 billion yen. That would make it the largest offering of the year.

NCB was delisted in December 1998. It was sold to a group of firms in June 2000 and renamed Aozora Bank.

For the share offering, the government will convert some 100 billion yen worth of preferred Aozora shares, issued by the bank in return for receiving an injection of 284 billion yen in public funds, into common shares and sell them on the market.

While the government sale is expected to raise 130 billion yen, the difference from the principal amount of 100 billion yen will go into government coffers.

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