Tinkov sells TCS Group’s GDRs for $326 mln, cuts stake to 35.1%

MOSCOW, Dec 11 (PRIME) -- The Rigi Trust of Oleg Tinkov has sold global depositary receipts (GDRs) of TCS Group for U.S. $326 million, Tinkov’s stake in the group fell to 35.1%, the group said in a statement on Friday.

“TCS Group reports that The Rigi Trust has sold 10,655,737 global depositary receipts representing interests in the company’s class A shares, which is about 5.3% of the company’s issued share capital,” the statement said.

The price of one GDR stood at $30.5.

“After the placement, the selling shareholder continues to own approximately 35.1% of the issued share capital of the company, and free float is 58.4%,” the company added.

Tinkov said he will use part of the proceeds from the sale of GDRs to resolve personal legal problems and launch a charitable fund in the field of donation, the creation of which will cost $200 million.

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