RusHydro gets 50 bln rubles from state for new shares
MOSCOW. Jan 18 (Interfax) - RusHydro received 50 billion rubles from the share in payment for 110 billion new shares on December 20, the generating company said in a presentation for its financial results to International Financial Reporting Standards (IFRS).
The RusHydro board is due in January-February to approve the valuation of assets that will also be transferred to the company in payment of for the new shares.
Federally owned stakes in Ust-Srednekanskaya Hydro, RAO Energy Systems of East, Sakhalin Energy Company, Irkutsk Power Grid Company and Irkutskenergo will be transferred.
The preemptive rights offering will end February 26, according to the presentation. The public offering will take place in March-April and a report on the share issue's results will be registered in May-June.
The 50 billion rubles comes from the 2012 budget and was sourced in dividends received by the company Rosneftegaz.
RusHydro's shareholders approved the share issue on November 16 and a presidential decree on the matter was signed on November 22. The decree does not mention shares in Irkutskenergo, because this is controlled by EuroSibEnergo, and 40% of its shares are owned by Inter RAO UES .
At present, RusHydro has charter capital of 317.638 billion ordinary shares, par value 1 ruble each. As a result of the additional issue, charter capital might more than triple. The shares are being placed at par value.