MOSCOW, March 2 (RIA Novosti) - Russia's Federal Property Fund said Friday it has sold a 1.47% state-controlled stake in the country's leading automaker, AvtoVAZ [RTS: AVAZ], to the Troika Dialog brokerage for 796.02 million rubles ($30.4 million).
It said the starting price was 791.02 million rubles ($30.3 million), with subsequent bidding increments of 5 million rubles (about $191,000) each.
A fund spokesman said no more auctions for AvtoVAZ shares are planned this year.
More than 50% of AvtoVAZ stocks are currently owned by the company's subsidiaries.
Last year, AvtoVAZ, based in the Volga region city of Tolyatti, said exports increased by 10.7% compared to the previous year, and the company planned an increase in exports to over 200,000 cars and assembly sets in 2007, compared with 186,000 in 2006.
