RusHydro shareholders greenlight share offering
Moscow, Nov 19, 2012 (Menafn - RosBusinessConsulting via COMTEX) --RusHydro's shareholders have approved placing 110bn new shares worth RUB 110bn (approx. USD 3.47bn) at par value to finance the upgrade of Far Eastern generating assets, the state-controlled hydropower holding said in a statement today.RusHydro is expected to receive budget funds and the shares of Ust-Srednekanskaya HPP, Energy Systems of East, Sakhalin Energy Company (SEC), Irkutsk Power Grid Company, and generating company Irkutskenergo in exchange for its additional shares.The price of the shares will be determined by RusHydro's board of directors based on an independent appraisal of the company.RusHydro's current charter capital amounts to RUB 290.30bn (approx. USD 9.15bn) and is split into ordinary shares with par value of RUB 1 (approx. USD 0.03).Energy Minister Alexander Novak told reporters earlier that state-owned oil and gas company Rosnef((t))egas may acquire a little over 5% in RusHydro in order to finance RusHydro's investment program and also buy a 40% interest in Irkutskenergo from Inter RAO UES and transfer it to RusHydro.Deputy Prime Minister Arkady Dvorkovich last month signed off on an order to invest RUB 50.2bn (approx. USD 1.58bn) as proceeds from Rosneftegas' dividends in RusHydro.
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