Russia Raises $3.3 Billion Selling 10% of VTB Group
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Russia raised $3.3 billion selling a stake in VTB Group in the largest state asset sale since the bank’s initial public offering almost four years ago.
Prime Minister Vladimir Putin’s government sold 10 percent of the bank to a group of investors for 95.7 billion rubles, the country’s second-biggest lender said in a statement today. The per-share price of 9.1468 kopeks is 33 percent less than the 13.6 kopeks the bank got in May 2007, when it raised $8 billion in that year’s biggest IPO.