PIK to Raise $275M
- Jun. 03 2013 00:00
- Last edited 17:37
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.