June 27, 2018 / 3:10 PM / 10 months ago

Russia's TCS says shareholder Tinkov to invest up to $20 mln in GDRs

MOSCOW, June 27 (Reuters) - Russia’s TCS Group, the parent company of Tinkoff Bank, said on Wednesday its controlling shareholder Oleg Tinkov intends to invest up to $20 million in the group’s global depository receipts (GDRs).

“The Group has been notified that of these, in the period ending 25 June 2018, Oleg Tinkov has already purchased 439,921 GDRs for a total amount of $9.2 million,” TCS Group said in a statement.

Tinkov said in an accompanying comment that he had decided to increase his stake partly because of the 68 percent return on equity on offer. (Reporting by Oksana Kobzeva Writing by Andrey Ostroukh Editing by Jack Stubbs)

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