Billionaire Andrei Molchanov's property firm LSR Group plans to sell as much as $773 million of shares and global depositary receipts, the company said Monday.
The shares will be offered through Streetlink, owned by Molchanov, according to the statement. Streetlink controls 58 percent of the company, it said.
LSR set the price range for its share offering at $10 to $11 per GDR, equivalent to $50 to $55 per ordinary share. Five GDRs represent one ordinary share. The company intends to use the proceeds to repay about $300 million in debt, to fund expansion of its real estate business through acquisition of land and to finance existing developments.
The group also announced 2009 profits of 4.59 billion rubles ($157 million), compared with a net loss of 8.01 billion rubles the year before.
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