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UPDATE 1-Russia's Etalon says biggest shareholders to sell down stakes
November 29, 2017 / 6:36 AM / 13 days ago

UPDATE 1-Russia's Etalon says biggest shareholders to sell down stakes

(Adds book closed, price guidance, and details)

MOSCOW, Nov 29 (Reuters) - The biggest shareholders in Etalon plan to sell down their stakes, the Russian housebuilder said late Tuesday, reducing their holdings for the second time this year.

The family of Etalon founder Vyacheslav Zarenkov and investment company Baring Vostok each plan to sell around 14.5 million global depository receipts, representing a 10 percent stake in Etalon, via an accelerated bookbuild.

The books were closed early Wednesday and bids not at $3.40 risked missing, a bookrunner said.

In May, the two shareholders sold 37 million GDRs, pricing the deal at $3.58 per GDR.

The Zarenkov family owned 36 percent of Etalon, while Baring Vostok held a 10 percent stake, as of mid-November this year. After the deal, they will own around 31 percent and 5 percent respectively, while the free float will rise to 62 percent.

London-listed shares in Etalon closed at $3.77 on Tuesday.

The company will not receive any proceeds from the share sale. (Reporting by Maria Kiselyova; Writing by Maria Kiselyova and Jack Stubbs; Editing by Alexander Smith and Sherry Jacob-Phillips)

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