UPDATE: Baring Vostok fund to sell 3.25 mln shares of TCS Group

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MOSCOW, Mar 16 (PRIME) -- One of the funds of Baring Vostok Capital Partners will sell 3.25 million shares of TCS Group Holding, the parent company of Tinkoff Bank and Tinkoff Insurance, a spokesperson for the bank told PRIME on Friday.

Bloomberg reported earlier in the day that an investor has put up for sale up to 3.25 million common shares of TCS Group Holding with a cost estimate of up to U.S. $80 million, and the deal will be organized by Morgan Stanley.

The spokesperson said, “One of the direct investment funds of our shareholder Baring Vostok Capital Partners, which invested in TCS Group before an initial public offering (IPO), is terminating its activities and selling its entire stake, while partners of Baring Vostok Capital Partners will remain shareholders of Tinkoff.”

Senior Partner of Baring Vostok Michael Calvey confirmed the information.

On Thursday, global depositary receipts (GDRs) of TCS Group rose 2.5% to $24.45 per security on the London Stock Exchange. One GDR represents one share.

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