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Svyaznoi Hires Banks to Raise $300 Million, Kommersant Says

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.

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