RDIF, Deutsche to buy $241 mln in Rostelecom stock-paper
MOSCOW, Sept 12
MOSCOW, Sept 12 (Reuters) - Russia's state-backed private equity fund RDIF and Deutsche Bank will pay a maximum of $241 million for a 2.45 percent stake in telecoms operator Rostelecom, financial daily Kommersant reported on Thursday.
The state-controlled telecoms group announced plans in July to sell some of its treasury shares to a pool of investors, led by RDIF, to reduce debt. According to media reports, the pool also included Deutsche Bank.
RDIF and Deutsche Bank will each buy 1.225 percent of shares at no more than 110.5 roubles ($3.36) per share, Kommersant wrote on Thursday, citing an unnamed source familiar with the terms of the deal.
The buyers will have an option to sell the shares back to Rostelecom at the deal price plus 1.5 percent annual interest if the price falls, while Rostelecom will have an option to buy them back if their price rises 30 percent, the paper said.
Rostelecom's board will determine the price of the deal at a meeting on Thursday. The stock closed at 108.2 roubles on Wednesday, valuing the 2.45 percent stake at 7.8 billion roubles ($237 million).
Rostelecom declined to comment on the deal terms, saying only that shareholders will vote by absentee ballot and the results will be announced on Friday morning. ($1 = 32.8552 Russian roubles) (Reporting by Maria Kiselyova; Editing by Douglas Busvine)
- Tearful Thai PM urges protesters to take part in election
- Google bus blocked in San Francisco gentrification protest
- North Korea's 'reign of terror' worries South's leader
- Chinese hackers spied on Europeans before G20 meeting: researcher
- Putin dissolves state news agency, tightens grip on Russia media