IDGC Holding boosts # of authorized shares for subsequent placement
MOSCOW. Dec 29 (Interfax) - OJSC Inter-District Grid Company (IDGC) Holding has confirmed the number of authorized shares for its subsequent supplementary issue at 560,278,868 shares, the company said.
IDGC Holding has been planning in 2010-2013 to place a supplementary share issue to raise federal budget funds to finance facilities for the 2014 Winter Olympics in Sochi. The company expects to receive over 18 billion rubles.
The share issue is likely to be conducted by open subscription, with the government having preemptive rights to the shares. The placement price will be very close to market, but not less than per-share par value of 1 ruble.
IDGC Holding had planned to issue 8.3 billion rubles worth of new shares in 2010, the company's press office said. The company's chief, Nikolai Shvets, said the company had already received 4.3 billion rubles towards the share issue from the federal budget to build power network infrastructure for the 2014 Winter Olympics.
The state owns a controlling stake in IDGC Holding, which manages 11 inter-district grid companies.