27 Jun 2014 15:47

TMK to issue supplementary shares to finance investment projects

MOSCOW. June 27 (Interfax) - The board of directors of TMK has approved issuance of supplementary shares amounting to 6% of pre-issue charter capital, the pipe maker said in a press release.

TMK will offer 56 million shares in an open placement. The placement price will be determined by the board of directors and announced no later than the start of the placement.

"The proceeds from the follow-on offering will be used to finance earlier announced investment projects and other current needs as well as to optimize TMK's capital structure," the press release says.