TMK may place about 6% of its shares for $140-150 million
Edited by Rhod Mackenzie / 2014-06-30 05:47:26
On Friday, the TMK’s Board of Directors decided to hold an additional issue of 56 million shares and then to place this package as a public offering, the company reported. "This won’t be a SPO in the normal sense, this will be just a modest placement on market without road-shows and the attraction of banks," - deputy director of TMK, Vladimir Shmatovich said in a conference call with investors. "We plan to place the securities in Russia mainly among Russian investors," - he added. It will be a really small deal. If the whole package is placed, the share capital will increase by 6%.
TMK expects to spend the proceeds for current projects and new plans. In addition, a part of the money can be used for debt reduction, said Shmatovich
