Russian Grids directors approve involvement in FGC
MOSCOW. June 11 (Interfax) - The board of directors in OJSC Russian Grids, the former OJSC IDGC Holding, have approved the outfit's involvement in OJSC Federal Grid Company UES (FGC) , a company statement says.
There will be 1,267,141,015,989 FGC shares put into Russian Grids capital at a price of 0.2836 rubles per for an overall 359.361 billion rubles at most.
Russian Grids' acquisition of FGC stock is being carried out in the process of its paying for an additional issue.
Russia's Federal Anti-monopoly Service (FAS) registered the additional Russian Grids issue for payment of the state's FGC stake of 161,066,440,775 shares with par value of one ruble each. The price for additional issue placement - 2.79 rubles per share.
Russian President Vladimir Putin had previously signed an order concerning the increase of Russian Grids charter capital. The order green-lights the Russian Grids additional issue, where the Russian Federation's stake cannot be less than 61.7%.
The new order somewhat adjusts the configuration of the deal by which the state's FGC stake is transferred to Russian Grids: Instead of 79.55%, 79.64% will be transferred, and the state's FGC stake decreases from 0,00000000055% to 0,00000000008%. Russian Grids' stake increases to 61.7% from 54.52%.
Measures involved in the reorganization of Russian Grids are to be completed by June 30, and that includes the additional issue.
On November 22 last year, Putin signed an order to the effect that IDGC Holding was to be renamed Russian Grids, and that the government's contribution to the company's capital would be FGC stock.
Russian Grids comprises eleven inter-regional and five regional power distribution companies and is controlled by OJSC Federal Grid Company UES . Right now, 54.52% of the holding's stock is in the state's possession.
Russian Grids' charter capital is 59,322,451,849 rubles split into 57,247,302,465 ordinary and 2,075,149,384 preferred shares with par value of a single ruble.
