Support The Moscow Times!

PIK to Raise $150M

PIK Group, one of Russia's largest homebuilders, said on Wednesday that it is to raise at least $150 million in a share offering priced at 62.50 rubles ($1.99) per share.

The company, in which Suleiman Kerimov's investment vehicle Nafta Moskva owns a 38.3 percent stake, is raising the funds to reduce its debt, which stood at 37.1 billion rubles ($1.2 billion) at the end of last year.

Sources previously said that PIK might raise about $300 million to $350 million via the offering.

Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners for the offering.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.