Russia’s X5 Retail Group said today (6 May) that it has successfully closed its US$1bn rights offering, aimed at raising funds to buy domestic hypermarket chain Karusel.
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Russia’s largest retailer by revenue said 96.5% of existing shareholders, including majority owner Alfa Group and chief executive Lev Khasis, had exercised their preemptive rights to the Global Depositary Receipts.
The remainder will be sold at a rump offering today (6 May). Depending on demand at that offering, 3.8m GDRs currently held as treasury stock may also be sold, X5 said.
