Inter RAO to buy back 3% of shares from unnamed minority shareholder within six months

MOSCOW. April 23 (Interfax) - PJSC Inter RAO has decided to acquire 3.132 billion of its own shares, 3% of the equity capital, from a minority shareholder within six months, the company said.

"The transaction should assist in avoiding excessive volatility in shares in the event of a one-time sale of the stake on the exchange market, because the company considers a fair valuation of the securities to be significantly higher than current market values," Inter RAO said.

The purpose of acquiring the shares is not to increase control over Inter RAO on the part of the company itself, Inter RAO said.

Inter RAO plans going forward to dispose of the shares in line with the medium-term strategy that envisages several options to combine them either by selling the package to a large strategic investor or group of financial investors, using the shares as means to pay for new assets; or in an incentive/option program.

Rosneftegaz was the principal shareholder of Inter RAO with 26.37% as at the end of 2023, and Inter RAO Capital held 29.56%. PJSC FGC-Rosseti, formerly FGC UES , owned 8.57% as at the end of 2021, and the free float was 34.24%.

Inter RAO is a diversified energy holding that manages assets in Russia, Europe and the CIS. It is the only Russian electricity export-import operator.