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Russia’s Gazprom prices stake of 3.6% at 220.72 roubles/share

Russian gas giant Gazprom said on Friday its subsidiary was selling about 3.6% Gazprom shares at 220.72 roubles each, implying proceeds of 187.7 billion roubles ($2.95 billion).

Shares in Gazprom, the world’s largest conventional gas producer, rose 2.6% on Thursday after the company announced it was selling the stake in a secondary share offering. The stock closed at 254.35 roubles a share.

Shares opened up 0.3% on Friday.

This was the second offering of Gazprom’s shares this year, completing the sale of its so-called quasi-treasury shares, which do not benefit from dividend payments.

The shares had been initially bought back by Gazprom in 2016 from Russian state development bank VEB, which entered the gas giant’s share capital in 2008 when it helped state-owned entities amid the global financial crisis.

Gazprom, headed by Alexei Miller, a long-standing ally of President Vladimir Putin, sold a first batch of shares in July to an unknown buyer for $2.2 billion with a discount to the market price.
Source: Reuters (Reporting by Anton Kolodyazhnyy; Writing by Alexander Marrow; Editing by Clarence Fernandez)

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