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Russia's PIK secures over $100 mln in share sale-sources
May 30, 2013 / 3:32 PM / 4 years ago

Russia's PIK secures over $100 mln in share sale-sources

MOSCOW, May 30 (Reuters) - PIK Group, one of Russia’s largest homebuilders, has secured more than $100 million from new investors in a secondary share offering (SPO), two banking sources told Reuters on Thursday.

The company said on Wednesday it was seeking to raise at least $150 million in the offering priced at 62.50 roubles ($1.98) per share, and that it had already received commitments for that amount from existing investors.

The additional investment secured means it is likely to raise over $250 million, both sources said.

Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners for the offering.

The company, in which Suleiman Kerimov’s investment vehicle Nafta Moskva owns a 38.3 percent stake, is raising the funds to reduce its debt, which stood at 37.1 billion roubles at the end of last year. (Reporting by Olga Sichkar; writing by Katya Golubkova; editing by Tom Pfeiffer)

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