MOSCOW (Reuters) - Russian tycoons Mikhail Prokhorov and Viktor Vekselberg have sold a 3 percent stake in Russian aluminum giant Rusal via an accelerated bookbuilding (ABB) for $315 million, one of their bookrunners said on Wednesday.
The deal came less than a week after Russia’s En+ Group, which owns a 48 percent stake in Rusal, said it would launch an initial public share offering in London and Moscow.
The ABB offering of about 456 million shares was priced at the lower end of the range of HK$5.40-HK$5.55 with a 7.5-percent discount to the pre-deal market price, the bookrunner said.
Rusal shares fell 7 percent in Hong Kong on Wednesday, but are still up more than 65 percent since the start of 2017.
Prokhorov sold 0.7 percent in Hong Kong-listed Rusal and Vekselberg sold 2.3 percent, reducing their stakes in the company to 6 percent and 20.5 percent, respectively. Goldman Sachs and Renaissance Capital were the joint bookrunners.
The deal could increase the liquidity of Rusal’s shares in Moscow and make it easier for Rusal to be included in the prestigious MSCI Russia Index, investment bank BCS has said.
Assuming that the placement was made into an open market, the free float of Rusal has increased to 16.4 percent, but its inclusion in the MSCI index in November is unlikely, VTB Capital said in a note on Wednesday.
The company may get into the index in May, subject to the liquidity of its shares in Moscow and MSCI’s goodwill, it added.