The fund, which manages the government's 20 percent stake in the newspaper, will sell 45 million rubles worth of shares ($9,375), at a price of 40 rubles per share, said an Izvestia consultant, who declined to be identified.
Under investment tender regulations, the winner of the auction will then be required to invest $7.5 million in Izvestia.
"Maybe there will be another auction after this one, because we are restricted in increasing our capital while the government still owns 20 percent," said the official, adding that the newspaper is capitalized at 15 million rubles.
"When we finish, Izvestia will become a fully private company and will increase its capital." He said there was great interest in the shares after the voucher auction in June, when another 29 percent of shares were sold. Fifty-one percent belongs to employees, who placed bids during the first stage of privatization.
The retail and financial concern Olbi -- which bought 6 percent of Izvestia in June -- will likely place another bid, Interfax reported Tuesday. Olbi officials declined to comment Tuesday.
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