MOSCOW, Feb 6 (Reuters) - Russia’s En+ Group said on Thursday it will buy back 21.4% of its shares from state bank VTB for $1.6 billion.
The shares will be bought at $11.57 each “which represents a significant discount to En+ fundamental valuation”, the company said in a statement.
En+ plans to raise up to 110.6 billion roubles ($1.8 billion) from Sberbank for the deal, it said.
En+ said it may use the shares “for strategic activity” or to float all or part of them on the market “over the longer term”.
En+ also reaffirmed its intention to resume dividend payments this year.
$1 = 62.7200 roubles Reporting by Katya Golubkova; editing by Jason Neely