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Inter RAO UES completes share flotation
30.08.2010
Inter RAO UES has placed 38.68 percent of its additional share issue for a total of RUB 24.9bn (approx. USD 808m), the Russian energy export and import operator announced in a press release today. Vnesheconombank purchased shares worth RUB 21.3bn (approx. USD 691m) and the remainder of the placed shares were purchased by the company's shareholders who exercised their preemptive right. The offering price stood at RUB 4.02 (approx. USD 0.13). The company floated a total of 600m shares out of 1.6 trillion issued securities.
According to the press release, once the Federal Financial Markets Service has registered the results of the additional share issue, placed shares will be included in quotation lists on the Russian stock exchanges. Trade in these securities is expected to be launched in late September - early October. Inter RAO UES intends to use the proceeds from the offering to finance its investment program on the construction and modernization of production facilities
www.rbcnews.com
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