Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

TGK-7 Global Shares to Be Kept Off Markets

Power producer TGK-7 said Monday that it was proceeding with its secondary sale of 3.86 billion shares but that its Global Depositary Receipts will not be listed.

"GDRs will not be listed or traded on any stock exchange," the company said in a statement. The GDRs will, however, be available for over-the-counter trade.

The shares being sold are equal to 12.87 percent of the company's share capital after the sale.

Troika Dialog, which is organizing the placement along with Merrill Lynch, on Friday valued TGK-7's market capitalization at $2.29 billion to $3.91 billion and gave its enterprise value at $3.39 billion to $4 billion.

TGK-7's parent company, Unified Energy System, now holds a 54.47 percent stake, which will shrink to 47.46 percent after the sale, the statement said.

UES, formerly the state-controlled electricity monopoly, will sell the government's stake in TGK-7 in April or May.

By participating in both sales, a strategic investor would be able to gain control of the company.

Integrated Energy Systems, the investment vehicle of Viktor Vekselberg, owns 23 percent of TGK-7 and has expressed interest in gaining control. Gazprom is also eyeing the company.