November 28, 2017 / 8:05 AM / a year ago

Russia's FG Budushchee plans to close placement of new shares in Jan-Feb

MOSCOW, Nov 28 (Reuters) - Russian Financial Group Budushchee, a holding structure for a number of non-state pension funds including the Budushchee fund, plans to close the placement of an additional share issue in January-February 2018, the group’s chief executive said.

Maria Rudneva said in emailed comments to Reuters that FG Budushchee’s existing shareholders would hold a pre-emptive right to buy the new shares during the offering. Earlier this month, the board of the group approved an additional issue of 49.2 million shares.

Rudneva said the specific amount of the placement would be determined based on demand, while the board planned to establish the share price in the second part of January.

The nominal value of each share was set at 1,000 roubles ($17.13), and the price for the share issue should be no less than the nominal value, the FG had said earlier. On Tuesday, its shares were trading at 740 roubles apiece.

FG Budushchee, controlled by the family of businessman Boris Mints, has 5.2 million clients and manages assets worth 335 billion roubles. ($1 = 58.3805 roubles) (Reporting by Katya Golubkova; Editing by Dmitry Solovyov)

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