20 Jul 2010 11:52

TGK-2 begins placing 19 bln rubles in additional shares

MOSCOW. July 20 (Interfax) - Generating company OJSC TGK-2 began Tuesday to place 19 billion rubles in additional shares in closed subscription.

The company is placing 1.9 trillion shares with par value of 0.01 of a ruble, which is 1.3 times the size of existing charter capital. The per-share placement price is the same as par value.

The Federal Financial Markets Service (FFMS) registered the TGK-2 additional issue and common share prospectus on June 29. Closed-subscription placement is for LLC Sovlink, Coreplan Limited (Cyprus), and Migdal Trade Ltd. (British Virgin Islands). TGK-2 plans to raise 19 billion rubles and put the proceeds into its investment program.

During the issue, TGK-2 shareholders on the register as of April 21 will enjoy preemptive buying rights.

TGK-2 minority shareholders have appealed to the FFMS to disallow the genco to place the additional shares, arguing the placement is out of line with the genco's decisions on how to determine share placement price.

TGK-2 has generating assets in the Arkhangelsk, Vologda, Kostroma, Novgorod, Tver, and Yaroslavl regions. Its charter capital is 14,749,023,899.31 rubles split into 1,458,401,856,250 common shares and 16,500,533,681 preferred shares.