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Federal Grid Gains Most in 2 Weeks, Curbs Slide After Price Cap

Feb. 28 (Bloomberg) -- Federal Grid Co., Russia’s monopoly for high-voltage power transmission, climbed the most in more than a week ahead of a possible share sale next month.

The stock added 5 percent to 41.9 kopeks by 4:38 p.m. in Moscow, headed for its biggest gain since Feb. 16.

The company’s shares slid almost 5 percent over two days after Prime Minister Vladimir Putin pledged to cap electricity-price increases at 15 percent this year on Feb. 17. Federal Grid plans to sell global depositary receipts in London in March to raise $300 million, RBK Daily reported Feb. 18, without citing anyone. A March listing will “rekindle investor interest,” Alfa Bank analysts led by Alexander Kornilov wrote today.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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