Russia's second largest bank VTB has successfully completed a sell-off of 10% of its shares , kicking off the government's $59 billion privatization program, Prime Minister Vladimir Putin said on Monday.
The sale of the 10% stake to unidentified investors at $6.25 per GDR, and 9.1468 kopecks per share raised over 95 billion rubles ($3.22 billion).
"Today I have signed a resolution on the completion of this deal. According to preliminary estimates of experts, the work was successful and brought good results," Putin told VTB head Andrei Kostin.
Kostin said the shares were twice oversubscribed, while the price of the placement was in line with market estimates.
NOVO-OGARYOVO, Russia, February 14 (RIA Novosti)
