July 1, 2016 / 9:36 AM / 2 years ago

Russia's Russneft plans to raise $500 mln in November IPO: source

MOSCOW (Reuters) - Russian oil company Russneft plans to hold an IPO on the Moscow Exchange in November, aiming to raise $500 million for 10 percent of its shares, a source close to the deal told Reuters.

“A request for proposal has been sent to banks, and most likely organizers of the deal will be chosen next week,” the source said.

Western banks are not taking part in the IPO. Invitations to take part were received by Russian lenders Gazprombank, VTB and FC Otkritie.

Reporting by Oksana Kobzeva; Writing by Dmitry Solovyov; Editing by Alexander Winning

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