Tinkov to increase stake in TCS Group, investing up to $30 mln in GDR
MOSCOW. July 10 (Interfax) - Oleg Tinkov, the principle owner of Tinkoff Bank, is planning to invest up to $30 million in the purchase of TCS Group Holding's global depositary receipts (GDR), a TCS Group statement said.
"These actions highlight the controlling shareholder's confidence in the Group's continued strong performance following the record high IFRS net income it achieved in 2016 and robust growth of the Group's new businesses launched as part of Tinkoff.ru financial supermarket," the Group said in the statement.
GDRs for TCS Group shares have traded on the London Stock Exchange since October 2013. One GDR represents one Class A share. TCS Group has 89,044,396 issued Class A shares and 92,144,679 Class B shares.
TCS Group Holding includes Tinkoff Bank and Tinkoff Insurance.
The group's principal shareholder is Oleg Tinkov with 53.52% of shares. Group management held 6.07% of shares as of February 1, 2017; Vostok Emerging Finance (Swedish investment fund Vostok Nafta) held 3.49%; Baring Vostok held 2.88%; Goldman Sachs held 2.19%; and Horizon Capital held 1.44%. The GDR free float was 30.41%.
Tinkoff Bank was Russia's 42nd largest bank by assets, according to the Interfax-100 ranking at the end of 2016.
