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. Last Updated: 07/27/2016

RusHydro Sells Shares in Offering

RusHydro said Thursday that it sold investors 3.5 billion of 7.5 billion new shares in a public offering, with the rest acquired by its own unit for a later resale.

Banks, funds and private individuals including former and present RusHydro employees got less than half of the offering, the company said in an e-mailed statement. Hydroinvest, a fully owned subsidiary, received 4 billion shares, priced at 1 ruble (3 cents) each.

State-run RusHydro sold 7.2 billion of 16 billion shares it offered stakeholders last month as it sought funds for new power plants. The government bought 4.9 billion of the shares, while RusHydro decided to resell as many as 7.5 billion of the unsold equities.

Hydroinvest’s share allocation “will allow RusHydro to sell the shares at a higher price in the future should the market rise,” the utility said.