MOSCOW, Nov 19 (PRIME) -- A unit of Russia’s VTB Group plans to sell off its 17.28% stake in grocery retailer Magnit, of which 12.88% will be sold to Marathon Group, VTB said in a statement late on Thursday.
“VTB Group announces its intention to sell off around 17.28% of Magnit’s common shares. Up to 4.40% of the company’s shares can be offered for sale under the accelerated book building procedure that is to be launched immediately after the statement is published,” it said.
“The remaining 12.88% of the shares are to be sold to Marathon Group at a price defined during the offering,” it added.
According to VTB, Marathon Group’s stake will thus increase to 29.75%, and the company will become Magnit’s largest shareholder.
Magnit’s shares fell 6.6% as of 8:08 p.m. Moscow time on Thursday following the news.
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