Russian FPMA (Federal Property Management Agency) has sold a 10.9% stake in the ALROSA PJSC for 52.2 bln roubles, a person close to the share placement reported to RBC. A final price was decreased by 3.8% in compare to the closing one on the Moscow Stock Exchange (at 67.55 roubles a share).
It is reported that one of share purchasers is the RDIF (Russian Direct Investment Fund). Before the source mentioned that the RDIF intended to acquire over the half of the flotation value.
Last Friday Bloomberg and Reuters assessed an ALROSA share at 65 roubles during the share placement that is equivalent to 52.2 bln roubles for 10.9%. Three financial experts and a source close to the business approved it.
The ALROSA’s share acquisition bookbuilding started on Wednesday, July 6 immediately after the sales closing on Moscow Stock Exchange. According to the financial expert close to the share placement, one week before the First Vice Premier Igor Shuvalov arranged the meeting where the preliminary price at 65 roubles a share was set. Both the RDIF which intended to acquire over 70% of the flotation value and overseas funds – the ALROSA’s minorities – such as Oppenheimer, Genesis and Lazard were satisfied, according to the source of RBC.
The bookbuilding finished on Friday, 16:30 (Moscow time). The share placement had an accelerated mode. As the financial expert close to it reported to the RBC, it is supposed to cut the deal time as it usually takes from several days to 2-3 weeks.