VTB to Spend $386 Million on `People’s IPO' Share Buyback
This article is for subscribers only.
VTB Group, Russia’s second-biggest lender, will buy back 11.4 billion rubles ($386 million) of shares at their initial public offering price from investors who lost money after participating in the 2007 share sale.
Some 74,302 shareholders applied to have their stock repurchased, according to an e-mailed statement from the state-controlled bank today. The buyback, which took applications for a month until April 13, was capped at 500,000 rubles ($17,100) per person, excluding most institutional investors.