RCIF, Sistema to sell 15.94% in Detsky Mir for 93 rubles per share

MOSCOW, Jun 17 (PRIME) -- Multi-industry holding Sistema and the Russia–China Investment Fund (RCIF) will sell 117,777,459 shares in children goods retailer Detsky Mir, or a 15.94% stake, for 93 rubles per share, the Russian Direct Investment Fund (RDIF) said in a statement on Wednesday.

“The offer stands at 117,777,459 existing shares of Detsky Mir, which corresponds to 15.94% of the shareholder equity of Detsky Mir. The price of a Detsky Mir share under the offer was set at 93 rubles. … As a result of the offer, the selling shareholders will receive about 10.953 billion rubles, including the RCIF that will receive 2.023 billion rubles,” the statement read.

On Tuesday, the RCIF said it will sell about 118 million shares in Detsky Mir through accelerated bookbuilding.

Before the sale, Sistema’s stake in Detsky Mir amounted to 33.38%, while the RCIF owned 7.56%. After the deal, the RCIF’s stake will fall to 4.62%, and Sistema’s to 20.38%, with their combined stake amounting to 25% plus one share. Free-float will amount to about 75%.

(69.7524 rubles – U.S. $1)

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