DonatePlease support our project!
Your donation helps to build a better Directory.
Financial and Banking News
Russia's central bank will reduce its stake in Sberbank to 50% plus one voting shareRussia's central bank is selling 7.58% of OAO Sberbank, the country's largest lender, as the government seeks to reduce its role in the economy.
Bank of Russia is offering the equivalent of 1.71 billion shares in ordinary and global depositary stock at a range of 91 rubles to the market price at the time the order book closes, the Central bank and Sberbank said in a statement today. A sale at the low end of the range would raise 156 billion rubles, or $5.1 billion at the current exchange rate.
The sale will be priced in rubles and dollars, with as much as 15% of the stock being sold through the Micex Stock Exchange and the rest going to institutional investors. Sberbank said it may acquire the equivalent of 20 billion rubles of ordinary shares in the offering at the same terms as other investors.
Russia's government is seeking the sale as part of its plan to raise 1.5 trillion rubles through 2015, according to the Finance Ministry. Central bank's stake in Sberbank will fall to 50% plus one share after the share sale.
Sberbank shares rose 4.6% to 96.99 rubles in Moscow on Sept. 14, valuing the company at about $69 billion.
Credit Suisse Group AG, Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM), Morgan Stanley (MS) and Troika Dialog, a unit of Sberbank, are managing the sale, according to the statement.
Date: 17.09.2012 
2007-2018 © Banking Directory