Svyaznoi Hires Banks to Raise $300 Million, Kommersant Says

Jan. 24 (Bloomberg) -- ZAO Svyaznoi, Russia’s second biggest telecommunications retailer, hired Deutsche Bank AG and Raiffeisen Bank International AG to sell as much as a 30 percent stake to raise around $300 million, Kommersant reported, citing unnamed market participants.

The telephone retailer is looking to sell a non-controlling stake of at least a 20 percent to an investor, the Moscow-based newspaper said. Svyaznoi’s largest shareholder Maxim Nogotkov confirmed that he gave the two banks a mandate to sell the stake, Kommersant said.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net