Alrosa Plans Share Sale for Q4 2013

Reuters reported that Russia’s Alrosa (MCX:ALNU) is planning a share sale for October or November of this year that could place the value of the business at up to $15 billion and raise “hundreds of millions of roubles” for local and national government owners.

As quoted in the market news:

Putin has insisted that public share offerings of Russian state firms be done on the Moscow Exchange, narrowing the options for flotations and ruling out the deeper markets of London, New York or Hong Kong.

“The share placement is planned for late October or early November,” Andreev told reporters at Putin’s residence in the Black Sea resort of Sochi. “The sale of a 14 percent stake on the Moscow stock exchange is a base-case scenario.”

The company wants to attract a wide range of investors and avoid the entry of a large strategic shareholder, Andreev said. Final approval of the deal is expected by June 25.

Click here to read the full Reuters report.