Sberbank order book to close Tuesday - source
MOSCOW, Sept 18
MOSCOW, Sept 18 (Reuters) - Sberbank, in which Russia is selling a 7.6 percent stake worth $5.3 billion, plans to close the order book at 1330 GMT on Tuesday, a source close to the deal told Reuters.
The sale of the stake was postponed from last year due to weak markets. Improving sentiment made it possible to launch the sale on Monday, reviving Russia's stalled privatisation efforts.
While the minimum price for the sale is 91 roubles per share, market sources said the order book had been covered by Monday evening in Moscow, with bids for the 1.71 billion shares on offer coming in at 93.5 roubles or higher.
Some 90 percent of the placement will be made in London in the form of global depositary shares, with each equivalent to four ordinary shares.
Sberbank chief executive German Gref told Reuters on Monday he hoped Asian investors will be interested in buying stock in Russia's top lender but gave no names.
Several Russian news agencies have reported that U.S. private equity firm TPG, already a minority shareholder in VTB - Russia's No.2 bank, wanted to buy a significant stake.
In June last year, Gref said Sberbank planned to hold talks with TPG regarding its possible participation in a stake sale.
Sberbank shares were down 0.5 percent to 95.06 roubles at 0645 GMT, valuing the 7.6 percent stake at 162.6 billion roubles ($5.3 billion).
- U.S.' Kerry voices 'regret' to India over diplomat case |
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- China confirms near miss with U.S. ship in South China Sea
- Medical bills underlie 60 percent of U.S. bankrupts: study
- Mega Millions winning lottery tickets sold in California, Georgia |