Russia's Gazprom prices stake of 3.6% at 220.72 roubles/share

Credit: REUTERS/MAXIM SHEMETOV

Russian gas giant Gazprom said on Friday its subsidiary was selling about 3.6% Gazprom shares at 220.72 roubles each, implying proceeds of 187.7 billion roubles ($2.95 billion).

Adds detail, background

MOSCOW, Nov 22 (Reuters) - Russian gas giant Gazprom GAZP.MM said on Friday its subsidiary was selling about 3.6% Gazprom shares at 220.72 roubles each, implying proceeds of 187.7 billion roubles ($2.95 billion).

Shares in Gazprom, the world's largest conventional gas producer, rose 2.6% on Thursday after the company announced it was selling the stake in a secondary share offering. The stock closed at 254.35 roubles a share.

Shares opened up 0.3% on Friday.

This was the second offering of Gazprom's shares this year, completing the sale of its so-called quasi-treasury shares, which do not benefit from dividend payments.

The shares had been initially bought back by Gazprom in 2016 from Russian state development bank VEB [RIC:RIC:VNSCB.UL], which entered the gas giant's share capital in 2008 when it helped state-owned entities amid the global financial crisis.

Gazprom, headed by Alexei Miller, a long-standing ally of President Vladimir Putin, sold a first batch of shares in July to an unknown buyer for $2.2 billion with a discount to the market price.

($1=63.7124 roubles)

(Reporting by Anton Kolodyazhnyy; Writing by Alexander Marrow; Editing by Clarence Fernandez)

((anton.kolodyazhnyy@thomsonreuters.com; +74957751242))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More