November 8, 2017 / 6:19 PM / a year ago

Russian tycoon Mordashov set to sell 2.1 pct of Severstal

MOSCOW, Nov 8 (Reuters) - Alexei Mordashov, the majority owner of Severstal is planning to sell a 2.1 percent stake in the Russian steel firm, Goldman Sachs said on Wednesday.

Goldman Sachs, which is acting as bookrunner on the accelerated bookbuild, said in a statement that it was offering 18 million Severstal shares it had acquired from a company connected to Mordashov.

Based on the price of Severstal’s shares in London on Wednesday, the offer could raise up to $276.5 million.

Assuming all the shares on offer were placed, Mordashov would retain about 77 percent of Severstal, Goldman Sachs said.

Severstal said in a separate statement: “The deal on the sale of the shares should provide more certainty to our most demanding investors from the point of view of share liquidity, and could also potentially unlock additional value for all of the company’s shareholders.” (Reporting by Anastasia Lyrchikova and Anastasia Teterevleva; writing by Christian Lowe; editing by Alexander Smith)

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