PIK Group, one of Russia's largest homebuilders, may raise around $300-$350 million via an additional share offering next month, depending on market conditions, said two sources familiar with the plans and one source close to a shareholder.
The company, in which Suleiman Kerimov's investment vehicle Nafta Moskva owns a 38.3 percent stake, may announce these plans after publishing its annual report later in April, one of the sources said.
Spokesmen for PIK and Nafta declined to comment. Nafta's spokesman previously said the company planned to buy shares during PIK's offering.
The new share sale is need to reduce PIK's debt, which stood at 37.1 billion rubles ($1.2 billion) at the end of last year.
(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.
