March 13, 2017 / 7:03 AM / 9 months ago

Russia's PIK to buy back depositary receipts, delist from LSE

MOSCOW, March 13 (Reuters) - Russian homebuilder PIK Group said on Monday it had approved a tender offer for its global depositary receipts (GDRs) and would cancel their listing on the London Stock Exchange.

The company said it was offering its GDR holders to tender their GDRs to PIK at $5.101 apiece, representing a premium of 13 percent to the 3-month average price and a premium of 3 percent to the closing price on March 10, 2017.

“The delisting will consolidate the company’s free-float and trading on MOEX (the Moscow Exchange), enhancing liquidity and reducing the company’s reporting costs,” it said in a statement. (Reporting by Maria Kiselyova; editing by Vladimir Soldatkin)

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