VTB's free float to rise to 24.5% following share sale
MOSCOW. Feb 14 (Interfax) - VTB's free float will rise to 24.5% from 14.5% following the closure of the sale of 10% of its shares, Herbert Moos, deputy chairman, said in a conference call.
"VTB's free float will increase to 24.5% from 14.5%," Moos said.
Of the 14.5% of shares in free float until the recent placement, about half of them traded on the London Stock Exchange, Moos said.
"Most of our investors are Western investors, and they will be trading in depository receipts. Most of this increase [free float to 24.5%] will be on the London exchange," he said. The bank expects free float on the LSE to more than double, he said.
During its privatization, VTB placed 1,046,054,133,732 shares (10% of charter capital). The securities were placed at $6.25 per GDR and 0.0915 rubles per share. On GDR is equivalent to 2,000 VTB shares.
The collection of purchase applications was organized by the banks Merrill Lynch, Deutsche Bank, and VTB Capital. Merrill Lynch and VTB Capital were the global coordinators for the placement.