Russia's Mail.ru to sell 6.65 pct of stock in London

© RIA Novosti . Mikhail Fomichev / Go to the mediabankMail.Ru CEO Dmitriy Frishin
Mail.Ru CEO Dmitriy Frishin - Sputnik International
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Shareholders of Russia's largest Internet firm Mail.ru Group plan to sell Global Depositary Receipts (GDRs) in London for 6.65 percent of the company's stock, the company said on Wednesday.

Shareholders of Russia's largest Internet firm Mail.ru Group plan to sell Global Depositary Receipts (GDRs) in London for 6.65 percent of the company's stock, the company said on Wednesday.

The selling shareholders, who include the company's founders and managers, will offer 13.8645 million existing GDRs currently valued at $480 million. One GDR represents one share.

Mail.ru has said it will not receive any revenue from the sale of these securities.

New Media and Technology Investment, L.P., Ardoe Finance Ltd., MIH Russia Internet B.V. and TCH Amur Limited, which together own 60.34% of the company's stock are not among the selling shareholders, Mail.ru said.

JP Morgan and VTB Capital are the lead managers of the offer.

In November 2010, Mail.ru sold 32.93 million ordinary shares or 17 percent of its authorized capital for $912 million in an initial public offering in London.

The company used part of the raised funds to increase its interest in Russia's largest social network Vkontakte to 32.5 percent. Mail.ru also holds 2.4 percent in Facebook, 5.1 percent in Internet discount service Groupon Inc., and 1.5 percent of Zynga game developer.

MOSCOW, April 27 (RIA Novosti) 

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