MOSCOW, Aug 11 (PRIME) -- The board of directors of one of Russia’s largest shoe retailers, Obuv Rossii, has approved an issue of 28.264 million shares, or 25% of equity, to raise at least 2.8 billion rubles, the company said in a statement on Tuesday.
“The board of directors of PJSC OR, the parent company of Obuv Rossii group, has decided to raise equity through the placement of new shares worth 2.8 billion rubles,” the statement read.
The issue will be offered publicly, and the current shareholders will have a preemptive right.
The company will use the money to finance growth and implement of an updated business model that includes a retail chain, a marketplace, and an online platform. “The short-term priority for us is integration into logistics infrastructure of the Russian market of online trade and development of our own online platforms,” the company said quoting CEO.
Obuv Rossii’s shares closed at 34.5 rubles apiece on the Moscow exchange on Monday, so the company’s capitalization stands at about 3.9 billion rubles.
(73.7750 rubles – U.S. $1)
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