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Russia’s MegaFon asks cbank for permit to raise GDR volume to 25%

June 03, 2014, 12:49 UTC+3 MOSCOW
Company hopes the request to be approved within 30 days, according to documents released on the London Stock Exchange
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© ITAR-TASS/Mikhail Dzhaparidze

MOSCOW, June 03. /ITAR-TASS/. Russian mobile operator MegaFon asked the central bank on Monday for permission to raise the maximum volume of its Global Depository Receipts (GDRs) to 25% from 20% at present and hopes the request to be approved within 30 days, according to documents released on the London Stock Exchange and seen by PRIME Tuesday.

In case of approval, the volume of MegaFon’s GDRs will grow to 155.00 million units from 123.38 million units.

Holding Garsdale, controlled by Alisher Usmanov’s USM Holdings, owns 50% plus 100 shares in MegaFon; Swedish-Finnish company TeliaSonera owns 25.17% in the operator; Megafon Investments Ltd., a 100%-owned unit of MegaFon, holds 7.57%. CEO Ivan Tavrin’s Anfimako Ltd. owns 2.50% stake in the operator, while 14.7% of shares are in a free float.

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