November 6, 2018 / 7:25 AM / 10 months ago

Russia's Megafon may lend unit $1.7 billion for possible share buyback

An advertising board with logo of Russian mobile phone operator MegaFon is installed on the roof of a building in Moscow, Russia, February 27, 2016. REUTERS/Grigory Dukor

MOSCOW (Reuters) - Russia’s second-largest mobile phone operator, Megafon (MFON.MM), said on Tuesday it could lend its subsidiary Megafon Finance up to 111.6 billion roubles ($1.69 billion) to fund a possible share buyback.

Megafon said it could be required to launch a mandatory tender offer for its ordinary shares if Global Depositary Receipts held by Megafon Finance are cancelled and Megafon Finance receives the underlying ordinary shares.

No decision to proceed with the cancellation of the GDRs has been taken, the company said in a statement.

($1 = 65.9662 roubles)

Reporting by Anastasia Teterevleva; Writing by Maria Kiselyova; Editing by Louise Heavens

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