March 28, 2018 / 12:02 PM / a month ago

BRIEF-Renault, Rostec give details on Avtovaz subscription

March 28 (Reuters) - Renault Sa: here

* RENAULT AND ROSTEC, THE TWO PARTNERS OF ALLIANCE ROSTEC AUTO B.V. MAJORITY SHAREHOLDER OF AVTOVAZ, ANNOUNCE THEIR INDIRECT PARTICIPATION IN AVTOVAZ’S CLOSED SUBSCRIPTION CURRENTLY UNDER WAY AND WHICH WILL END IN APRIL 2018.

* RENAULT STATEMENT SAYS THE TWO PARTNERS EACH TRANSFERRED 30.7 BILLION RUSSIAN ROUBLES OF RECEIVABLES AND LOANS TO ARA B.V., WHICH WILL CONVERT THEM INTO NEW SHARES ISSUED BY AVTOVAZ

* RENAULT SAYS TRANSACTION, WORTH 61.4 BILLION RUSSIAN ROUBLES, IS MAIN STEP IN THE RECAPITALIZATION PROCESS LAUNCHED IN DECEMBER 2016 Further company coverage: (Reporting by Paris Newsroom; paris.newsroom@thomsonreuters.com)

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