Gazprom Raises $2.2bn From Share Sale

Russia’s state-run Gazprom is set to earn around $2.2bn from the sale of more than 2.9% of its stock, the company announced on July 26.

The company collected bids on July 25 at the Moscow Exchange for 693.6mn of its ordinary shares, equivalent to 2.92% of its total stock. The shares were held by its subsidiaries, Netherlands-registered Gazprom Gerosgaz Holdings and Cyprus-registered Rosingaz.

Gazprom said it priced the shares at rubles 200.5 ($3.18) apiece, or rubles 139bn ($2.2bn) in total. This represents a 5.4% discount to the close-of-trade price of rubles 212 on July 24.

The Russian government controls 50.2% of Gazprom’s stock, while the rest is held by other investors including some of the company’s own subsidiaries. The gas supplier’s share price rose sharply earlier this year following changes in its dividend policy.