Norilsk Nickel subsidiary buys 0. 023% of shares during buyback, brings stake to 0.5617%
MOSCOW. Aug 24 (Interfax) - The subsidiary of OJSC Norilsk Nickel , LLC NN-Invest, has conducted its next buyback of Norilsk Nickel shares during the buyback program - 36,450 shares (0.023%), Norilsk Nickel said in a statement.
The shares were bought on August 21. Based on the prices at the closing of trading of Norilsk Nickel shares on the Moscow Exchange on Friday (10,030 rubles per share), the cost of the purchased share package was about 365.6 million rubles.
Currently NN-Invest holds a 0.5617% stake in Norilsk Nickel.
The coordinator of the Norilsk Nickel's buyback is Citibank. The buyback of shares began on July 9.
In April, Norilsk Nickel announced the plans for a buyback of shares from the market for $500 million in the framework of a program to raise the company's capitalization. The program was recommended to Norilsk Nickel by consultants with the goal of liquidating the undervaluation of shares. After the completion of the buyback, the company promises to cancel the shares. The board of directors of the company earlier approved the first stage of the buyback for a sum of up to 14 billion rubles.
Vladimir Potanin's Interros owns a 30.3% stake in Norilsk Nickel, Rusal owns 27.8%. Millhouse's stake is 5.87% and Metalloinvest owns 3.2%.