Russia’s second bank giant, VTB may hold the buy-back for its stocks.
Photo: Dombrovskii
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VTB May Buy Back Stocks
Russia’s second bank giant, VTB may hold the buy-back for its stocks, PRIME-TASS reported with reference to VTB spokesman.
But it would be premature, the VTB official said, to deliberate on the dates and size of the buy-back, same as to discuss on what market, either the local or the international one, this buy-back could be finally held.
The question of possible buy-back of VTB stocks bobbed on once the quotes shed below the IPO price. VTB closed 0.1194 ruble on MICEX yesterday vs. the IPO quote of 0.136 ruble. VTB CDR (each GDR corresponds to 2,000 stocks) was quoted $9 on LSE (vs. $10.56 in time of IPO).
The aggregate worth of the offer for VTB stocks was $8 billion. The bank placed 1.513 trillion stocks to attain the IPO capitalization of $35.5 billion. More than 131,000 private investors bid in Russia for the total worth of $1.6 billion. VTB will spend the funds raised through IPO to back up the business growth, including promotion of retail bank operations in Russia.
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