October 14, 2016 / 4:51 PM / 10 months ago

Russia's Polyus picks CS, Goldman Sachs, JP Morgan, Sberbank, VTB for placement - sources

MOSCOW, Oct 14 (Reuters) - Russia's largest gold producer Polyus has chosen Credit Suisse, Goldman Sachs, JP Morgan, Sberbank CIB and VTB Capital as bookrunners for a secondary share placement, three financial market sources told Reuters.

Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, is preparing for the placement of 5 percent of its shares in Moscow as it needs to raise its free float to at least 10 percent to meet a requirement of the Moscow Exchange.

Polyus is planning a public placement with either existing or new shares, its Chief Executive Pavel Grachev told Reuters last month. The sources did not provide details on the placement and did not specify whether more banks can join.

The placement is seen happening in 2017, the sources said. Polyus did not provide an immediate comment when contacted by Reuters on Friday. (Reporting by Olga Popova, Oksana Kobzeva and Svetlana Burmistrova; writing by Katya Golubkova; Editing by Christian Lowe)

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