09 July 2014, Wednesday, 17:21

Bashneft requested the Central Bank’s permission to place 45 million shares at LSE

author: Elvira Latypova

JSOC Bashneft has requested the Bank of Russia’s permission to place its shares at the London Stock Exchange. Bashneft intends to place 45 million ordinary shares at the foreign exchange platform, according to a report of the issuer.

As previously reported, on July 3, the Board of Directors of JSOC Bashneft took a decision to increase the company’s authorized share capital through a public offering of up to 37 million ordinary shares. Following the meeting, the Chairman of the Board of Directors Felix Yevtushenkov said that "A final decision on the offering is subject to a number of factors, including market conditions, and has not yet been taken", and the parameters of a possible SPO are currently under discussion.

An Extraordinary General Meeting of Shareholders of Bashneft is scheduled for August 14. Approval of related party transactions — the Underwriting Agreement between JSOC Bashneft and banks Morgan Stanley, Barclays, Sberbank CIB and/or their affiliates will be considered there.