RusHydro approves issue of 89 bln additional shares for 40% of Irkutskenergo
MOSCOW. May 23 (Interfax) - The board of directors at OJSC RusHydro, which operates most of Russia's hydropower stations, has approved an additional stock issue of 89 billion shares for the acquisition of 40% of generating company OJSC Irkutskenergo belonging to OJSC Inter RAO UES .
The swap ratio is to be 15.7328229571753 RusHydro shares to one in Irkutskenergo, the hydro-generation company's press service has said.
Placement of the supplementary shares is slated to begin in August 2011. The board of directors are scheduled to vote on the valuation of the assets being acquired in the middle of July, the press service said.
During this additional issue, RusHydro is also looking to receive from the government a controlling interest in RAO Vostok Energy System (ES Vostok), the press service said.
Inter RAO will use the 1,906,723,080 ordinary Irkutskenergo shares to pay for 29,998,136,46 RusHydro shares.
Based on the weighted-average price of RusHydro shares on MICEX over the past six months (1.51 rubles/share), the stake is worth 45.3 billion rubles. By that measure, the Irkutskenergo stake is worth 47.76 billion rubles (25.05 rubles/share).
Inter RAO obtained the 40% Irkutskenergo stake during the course of an additional issue aimed at consolidating power-sector assets, which wrapped up last week. The parties to the exchange agreed to the swap during that issue. The Irkutskenergo shares were valued at 25.33 rubles each.
As reported, RusHydro will also receive Irkutskenergo's dams, which the state will transfer to RusHydro to pay up the supplementary share issue. No valuation of the dams has been announced.
After obtaining Irkutskenergo, RusHydro will become a partner with OJSC EuroSibEnergo, which controls the Irkutsk-based company. RusHydro already has a blocking stake in OJSC Krasnoyarsk HPP , which is also under the control of Oleg Deripaska's power holding. RusHydro's resulting stakes in these companies could be exchanged for one in EuroSibEnergo, management from the two companies said earlier. RusHydro is prepared to look at less than a blocking interest in EuroSibEnergo.
In addition to the dams, the Russian state plans to transfer stakes in companies engaged in RusHydro's core business. These include a stake of about 35% in Kolymaenergo and 37% in Ust-Srednekanskaya Hydroelectric Station. It has also been reported that the government intends to put a larger asset - 52.68% of the stock in ES Vostok - into RusHydro charter capital. An appraisal of that has not been announced to this point, although based on share quotes on MICEX, the stake is worth 6.2 billion rubles.
In addition to the assets, RusHydro will receive 3.133 billion rubles in budget funds to finance completion of the Gotsatlinskaya Hydroelectric Station in Dagestan.
RusHydro's charter capital currently consists of 288,695,430,802 shares with par value of a single ruble. The state owns 58.1% of the company. Placement of the entire supplementary issue would boost charter capital 30.8%.
