MOSCOW, Nov 9 (Reuters) - Russian tycoon Oleg Deripaska will retain a 65.2 percent stake in En+ Group, which manages his aluminium and hydropower businesses, after an initial public offering (IPO) closed last week, the company’s documents showed.
The IPO of En+ was the first major primary equity raising by a Russian company in Britain since Western sanctions were imposed on Russia over its role in the Ukraine crisis. En+ and Deripaska are not under sanctions.
En+ raised a total of $1.5 billion from selling new and existing shares in the IPO, held in both London and Moscow. Following the deal, Russian bank VTB will hold a 3.8 percent share and another 6.2 percent will be held by AnAn, a partner of China’s CEFC, the document showed.
En+ plans to repay a VTB loan of $942 million in full from the proceeds raised, according to the document. (Reporting by Anastalia Lyrchikova and Katya Golubkova; Editing by Christian Lowe)