March 14, 2019 / 8:53 AM / a month ago

Shareholder of Russia's TCS raises $150 mln through GDR sales

MOSCOW, March 14 (Reuters) - The founding shareholder of Russian consumer lender TCS Group has raised $150 million through the sale of TCS global depository receipts (GDRs), the group said in a statement on Thursday.

Altoville Holdings, a firm tied to TCS Group founder Oleg Tinkov, sold 8.3 million GDRs at $18 each, the group said in a statement.

As a result of the placement, Tinkov’s stake will decline to 43.8 percent from 48.3 percent, the group said.

TCS, the parent company of Tinkoff Bank, earlier this week reported a record profit for 2018 and forecast it would increase further this year. Tinkoff Bank is one of the largest players in Russia’s credit card market. (Reporting by Gabrielle Tétrault-Farber; Editing by Mark Potter)

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