X5 Retail, Russia’s largest retailer by sales, said today (7 May) that it has raised an additional US$59m from the rump offering of global depository receipts.
Go deeper with GlobalData
The company offered 1.68m receipts at $35 per GDR.
In a statement to the stock exchange, X5 said it made gross proceeds of $35.9m from the rump offering. It added that $22.96m will be paid to certain GDR holders pro-rata on the basis of the unsubscribed GDRs.
X5 also generated an additional $131.9m by selling 3.8m GDRs at $35 each that were held as treasury stock in conjunction with the rump offering.
The company had earlier launched an offering of rights to acquire global depository receipts (GDRs) to raise $1bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe cash will be used to finance its previously announced acquisition of the Karusel hypermarket chain.
