MOSCOW (Reuters) - Russian state grid holding company MRSK MRKH.MM MRKHxq.L plans an additional share issue worth almost $1.2 billion to fund its investment programme, a source close to the company board of directors told Reuters on Monday.
The source said the company plans to place additional 16.9 billion shares - around 34 percent of current market capitalization - priced at 2.16 roubles each, almost on a par with Monday’s trading session opening.
The source added that the government-owned MRSK plans that the state would buy out 20 billion roubles worth of the new shares.
As of 1015 GMT, MRSK’s Moscow-traded shares fell 3.7 percent to 2.07 rouble, with the decline triggered by the news. (Reporting by Nastya Lyrchikova; writing by Vladimir Soldatkin)