UPDATE: Tinkov sells 14 mln GDRs in TCS Group at $17.5/GDR

(Adds details in second paragraph)

MOSCOW, Nov 21 (PRIME) -- Tadek Holding & Finance S.A., a company controlled by Russian businessman Oleg Tinkov, has sold 14 million global depositary receipts (GDRs) of TCS Group Holding PLC, comprising Tinkoff Bank and Tinkoff Insurance, at U.S. $17.5 per security, the company said in a statement published on the London Stock Exchange on Tuesday.

The price of GDRs of the Group on the London Stock Exchange slumped 9.77% to $17.78 as of 11.42 a.m. Moscow time.

“Accordingly pursuant to the placing (of 12 million GDRs announced on Monday), Tadek has sold an aggregate of 14 million Global Depositary Receipts representing interests in class A shares of the company at a price of $17.50 per Global Depositary Receipt, raising aggregate gross sale proceeds of $245 million,” the statement read.

“The offering was made to institutional investors outside the U.S. in accordance with Regulation S of the U.S. Securities Act of 1933, as amended and to qualified institutional buyers in the U.S. in accordance with Rule 144A of the U.S. Securities Act,” the company said.

The stake of Tinkov in TCS Group will fall to 47% from 55% after the sale.

“Any of the company's shares and Global Depositary Receipts held by the selling shareholder through Tadek and other entities which are not sold in the Placing will be subject to a 180-day lock-up, subject to customary exceptions,” the statement read.

Morgan Stanley & Co. International acted as the bookrunner of the deal.

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