VTB Group to sell Magnit’s shares at 5,700 apiece

MOSCOW, Nov 19 (PRIME) -- VTB Group has offered around 4.9% of its stake in Russian grocery retailer Magnit during accelerated book building at 5,700 rubles apiece, VTB Bank said in a statement on Friday.

“Around 4.9% of Magnit’s shares have been offered for sale under the accelerated book building procedure… The offering price has amounted to 5,700 rubles per share,” the statement read.

Magnit also said that Marathon Group’s stake will rise to 29.2% after the deal.

On Thursday, VTB Group said that its unit planned to sell off a 17.28% stake in Magnit, of which 12.88% should be sold to Marathon Group at a price, defined during the accelerated book building procedure.

(72.6022 rubles – U.S. $1)

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