Source Pravda.Ru

LUKoil's ADRs placed in London

Russia has successfully placed LUKoil's ADRs deposited for 5.9 percent of LUKoil's shares held by the state, on the London Stock Exchange. The sum of the deal is $775m. The state is selling 12.5 million ADRs, each including four common shares.

The offer was made on behalf of the Project Privatization Company, which is a subsidiary of the Russian Federal Property Fund. The company's Board of Directors approved this deal after investors' bids for the purchase of this stake had been submitted in London on Tuesday.

This deal was first prepared for execution in London this July. However, the conditions offered by Morgan Stanley, were not suitable for the Russia government at that moment. The Board of Directors of the Project Privatization Company decided not to make the deal.

In July, the share price offered by investors, was about $14.5 per share; demand exceeded supply by 30 percent. The ARD price for LUKoil shares has gained 13 percent to $62.30 since July 2002. In the event today's deal is completed successfully, the Russian budget will receive $87.5bn more, than it would have received in July. The revenues from placing the shares will be transferred to the Russian federal budget.

© &to=http://www.rbc.com' target=_blank>RBC

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