Severstal said Monday that it had seen strong demand for its plan to buy back 170 million shares following a mining asset spin-off.
The company announced the buyback at 390 rubles ($11.80) per share earlier this year to cancel stock following the separation of its Nord Gold mining asset.
Severstal said Monday that it had received applications to take part in the buyback equivalent to over 800 million shares. As a result, it said it would purchase stock in a ratio of 0.196 for every share offered as part of the scheme. The buyback, worth about $2 billion, is taking place because Severstal's Lybica Holding obtained 193 million Severstal treasury shares as part of the Nord Gold spin-off, and the steelmaker wants to cancel 170 million of those shares.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
