Source: Mordashov’s company puts up 2.1% in Severstal for sale

MOSCOW, Nov 9 (PRIME) -- Pearlgreen Limited, a company of businessman Alexei Mordashov, has put up 2.1% of Russian steelmaker Severstal, or about 18 million shares and global depositary receipts (GDRs) for sale through an accelerated book building, a financial source told PRIME late on Wednesday.

The of the stake is estimated at about U.S. $276 million, or 16.341 billion rubles taking into account the price of $15.35 per GDR as of late Wednesday. The price of one Severstal share stood at 911.5 rubles on the Moscow Exchange that day.

Goldman Sachs organizes the deal, which is to be closed on November 13. Goldman Sachs said in a statement that if all the shares are sold, Mordashov will hold about 77% in Severstal.

End