FGC to place additional shares on Sept 27 for raising state funds for development projects

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FGC to place additional shares on Sept 27 for raising state funds for development projects

MOSCOW. Sept 22 (Interfax) - OJSC Federal Grid Company UES will place an additional share issue worth 5.2 billion rubles on September 27, the company said in a statement.

Russia's Federal Financial Markets Service (FFMS) registered the company's additional issue at the start of September. The issue is comprised of 10,231,601,853 shares at a face value of 0.5 rubles each.

The bulk of the additional issue will be purchased by the state, which will inject federal budget funds for financing the grid company's investment projects. Total budget funds earmarked in 2011 for the issue come to 4.1 billion rubles.

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