Spokesman Dmitry Dolgov gave no details on which firms were bidding to place 350,000 LUKoil bonds on Western markets. Each bond will convert into 170 LUKoil-Holding shares after April 5, 1996.
LUKoil's convertible bond prospectus for the 2.3 trillion ruble (about $510 million) issue is only available to bidders, Sergei Malyukov, head of the tender commission, said.
The issue includes 140,000 bonds to be sold to Russian investors at a later date.
The zero-coupon paper carries a minimum bid price of 4.5 million rubles. Underwriters must place the bonds within 30 days.
A senior London banker said LUKoil had not yet received approval from the U.S. Securities and Exchange Commission for its American Depository Receipt program, a key part of the deal because it allows foreign ownership of the LUKoil shares outside Russia.
LUKoil could receive approval in 40 days, he said.
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