Support The Moscow Times!

PIK to Raise $275M

PIK Group, one of Russia's largest home builders, said on Friday it would raise $275 million through a share issue to reduce debt and fund investments.

The company, in which Suleiman Kerimov's investment vehicle Nafta Moskva owns a 38.3-percent stake, said it had received bids for 139 million new shares, priced at 62.5 rubles ($1.97) a piece.

Existing shareholders, including Nafta, have signed up for $150 million worth of the shares, PIK said.

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.