Russian electricity generator OAO TGK-7 (TGKG.RS) Monday said it would proceed with an initial public offering of up to 3.859 billion new shares, or 12.9% of its enlarged capital.
Russian electricity generator OAO TGK-7 (TGKG.RS) Monday said it would proceed with an initial public offering of up to 3.859 billion new shares, or 12.9% of its enlarged capital.
Former electricity monopoly and TGK-7 majority shareholder RAO Unified Energy System of Russia (EESR.RS) said in November that new shares would be offered via an open subscription in the first quarter of 2008, before the sale of the government's stake in the company in the following quarter.
The new shares will dilute the stake held by UES to 47.46% from current 54.47%, TGK-7 said.
TGK-7 will be the first Russian territorial power generation company to offer its shares and Global Depositary Receipts to international investors in a public equity offering.
Merril Lynch & Co. (ML) and Troika Dialog are arranging the placement.
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