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Rosseti OAO Completes Share Issue for Stake in FSK YeES OAO-Interfax

Thursday, 12 Sep 2013 02:36am EDT 

Interfax reported that Rosseti OAO (Russian Grids) has completed the placement of a new share issue for the acquisition of the government's stake in FSK YeES OAO (Federal Grid Company or FGC), Russian Grids said. President Mr. Vladimir Putin signed an order in November 2012 to rename IDGC Holding Russian Grids, and fold the government shares in FGC into this company. In order to acquire the 79.64% state stake in FGC, Russian Grids registered an issue of 161,066,440,775 new shares. Russian Grids minority shareholders acquired only 11.7 million of the new shares totaling RUB 32.6 million, at a price of RUB 2.79 rubles each. The government received 102,578,477,100 shares for its FGC stake. Russian Grids' charter capital before the new share issue was RUB 59,322,451,849, split into 57,247,302,465 common and 2,075,149,384 preferred shares with par value of RUB 1 each. Following the registration of the results of the new issue, the number of common shares will increase to 161,078,853,310. With the preferred shares, Russian Grids' charter capital will increase to 163,154,002,694 shares, and the government's stake will be about 85.2%. 

Company Quote

0.0050 +0.65%
30 Dec 2013