Sberbank DR program nears limit
MOSCOW. Jan 31 (Interfax) - Sberbank said its Level I ADR program and Rule 144A GDR program had nearly reached the current overall limit for creating depositary receipts (DRs).
"The Level I ADR program and Rule 144A GDR program have nearly reached the current overall limit for creating DRs," the bank said in a statement.
Sberbank completed on December 19, as per regulation S, the conversion of its global depository shares (GDS) on its shares into American depository shares (ADS) with the aim of merging the two depository receipt programs into one, the Reg S GDS Conversion.
As a result, the Reg S GDSs have now been re-designated as American depositary shares ("ADSs") under Sberbank's Level I ADR program and are in all respects fungible with the outstanding ADSs. The ADSs trade on the LSE under the ticker symbol "SBER" as well as on the entry standard trading platform of the Frankfurt Stock Exchange and over-the-counter in the United States.
Holders of the American and global receipts have voting rights and the right to receive dividends and other distributions.
Both types of receipts confer the right to four Sberbank shares.
In the middle of September, Sberbank conducted an SPO, placing both at home and abroad 1,712,994,999 ordinary shares (7.58% of charter capital) from the Central Bank of Russia's holding in the bank. The shares were placed at 93 rubles ($3.04), GDR at $12.16. The Central Bank raised $5.2 billion from the SPO. Sberbank had been valued at $68.7 billion in its entirety.
Sberbank's charter capital consists of 21,586, 948,000 ordinary shares and 1 billion preferred shares with par value of three rubles.