Magnit major owner’s firm sells 7.1 mln shares for 44 bln rbl

MOSCOW, Nov 15 (PRIME) -- Lavreno Limited, a unit of Russian businessman Sergei Galitsky, is selling 7.1 million shares, or 7.5%, of Russian retailer Magnit at 6,185 rubles per share, Magnit said in a report Wednesday.

“…shareholder Lavreno Limited has signed a deal to sell 7.1 million common shares… The shares were placed through an accelerated book building… at a price of 6,185 rubles per share. Based on this price, the sum attracted by the selling shareholder amounts to 43.914 billion rubles,” the report said.

Before the deal, Galitsky owned 35.1% in Magnit and Lavreno – another 0.22%.

On Wednesday, Magnit’s board of directors approved publicly offering additional 7.35 million shares at a price of 6,185 rubles per share.

Lavreno plans to spend all the raised money to buy the shares remaining after other shareholders have used their preemptive right, and also to buy 250,000 more new shares of Magnit.

Galitsky does not plan to use his preemptive right to buy new shares, but intends to remain the strategic investor of the retailer.

(59.6207 rubles – U.S. $1)

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