Lisin's company sells 2.1% of Russia's NLMK shares
MOSCOW, Dec 3 (PRIME) -- Fletcher Group, a company of the key beneficiary of steel producer Novolipetsk Steel (NLMK) Vladimir Lisin, has sold about 128 million shares, or a 2.1% stake in NLMK, the company said in a statement on Thursday, citing the placement materials.
"The sale was performed via an accelerated book building. After the sale completion, Fletcher Group will remain with a 79.3% stake in the company, and the number of shares in free float will rise to 20.7%. It is expected that the growth of free float will lead to higher liquidity of shares of the company," Fletcher Group said.
NLMK closed at U.S. $26.78 per security in London on Wednesday, which puts the market price of the stake at a little more than $320 million.
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