Magnit Share Sale Raises $143 Million to Fund Owner’s Project
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PJSC Magnit, Russia’s largest retailer, said a company linked to its billionaire founder Sergey Galitskiy sold 9.8 billion rubles ($143 million) of stock to fund a “separate investment.”
Lavreno Ltd., based in Cyprus, sold 1 million shares for 9,823 rubles apiece in an accelerated private placement managed by Morgan Stanley and VTB Capital, Magnit said in a statement. Galitskiy, the store chain’s chief executive officer, will remain a long-term strategic investor in Magnit, according to the statement.