United Wagon Co says raised 25.95 bln rbl through SPO

MOSCOW, Nov 22 (PRIME) -- Russian railcar producer United Wagon Company (UWC) has raised 25.95 billion rubles through a secondary public offering (SPO) with Bank Trust accounting for 25 billion rubles of the sum, the company said in a statement on Wednesday.

UWC approved issuing of 12.5 billion rubles of shares in September, and started a new share offer to the current shareholders under the pre-emptive right in October. The company launched the SPO on November 9 at a price of 9.30 rubles per share, and finished it on Wednesday.

“As a result of the pre-emptive right and an over-the-counter placement, the company raised 25.95 billion rubles and sold around 2.79 billion shares. Bank Trust acted as the anchor investor by buying the company’s shares worth 25 billion rubles,” the company said.

The stake of Bank Trust in United Wagon Company grew to 93.6% following the purchase, the company said.

Of the total sum raised, the company plans to spend 25 billion rubles on debt redemption and the remaining money on its investment program, including imports substitution activities, which should improve UWC’s fundamental value, the company said.

(87.8701 rubles – U.S. $1)

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