MOSCOW Oct 11 Beleaguered Russian carmaker
Avtovaz will announce the results of a shareholder
vote on its proposed 85 billion rouble (1.2 billion euro)
recapitalisation plan after a board meeting on Thursday, a
company spokesman told Reuters.
Majority shareholders Renault and its Japanese
alliance partner Nissan have already said they back the
proposal and the announcement was expected on Monday.
The spokesman gave no reason for the delay but said there
were no problems.
The recapitalisation is a bid by shareholders to shore up
Avtovaz in the face of tumbling sales and profits following the
collapse of Russia's once-booming car industry.
Renault is to fund the first 25 billion rouble instalment of
the overall rights issue and is set to increase its stake in the
Lada maker to more than 70 percent.
(Reporting by Gleb Stolyarov; Writing by Jack Stubbs; Editing
by Alexander Winning)