President orders 1.6bn uplift at RusHydro
Moscow, Nov 22, 2012 (Menafn - RosBusinessConsulting via COMTEX) --President Vladimir Putin has signed an order to invest RUB 50bn (approx. USD 1.6bn) of public funds in the charter capital of state-controlled hydropower-holding RusHydro, the Kremlin's press service announced today.RusHydro plans to offer 110bn new shares worth RUB 110bn (approx. USD 3.50bn) at par value, according to earlier reports. The company is expected to receive budget funds and equity in Ust-Srednekanskaya HPP, Energy Systems of East, Sakhalin Energy Company (SEC), Irkutsk Power Grid Company, and generating company Irkutskenergo as payment for its additional shares.The state's stake in RusHydro will increase to a little over 65% from the current 60.37% after the company's additional share offering, Deputy Energy Minister Mikhail Kurbatov earlier.RusHydro's current charter capital amounts to RUB 290.30bn (approx. USD 9.24bn) and is split into ordinary shares with a par value of RUB 1 (approx. USD 0.03).
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