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TCS Group Holding's main shareholder plans GDR purchases

controlling shareholder, Oleg Tinkov, and his partners plan to increase theirstake in the company by purchasing up to $10 million worth of its globaldepository receipts, which are listed on the London Stock Exchange.

Justover $1.1 million has already been spent on the purchase of 165,617 GDRs at anaverage price of $6.90 apiece, the company said Oct. 5, adding that the buybackhighlights "the controlling shareholder's confidence in the group'scontinued strong performance" after its first-half , the company noted.  

TCSGroup includes JSC TinkoffBank and JSC TinkoffInsurance.

BritishVirgin Islands-based Tadek Holding & Finance SA holds a 53.52% stake in thefirm, according to data from SNL Financial, an offering of S&P GlobalMarket Intelligence. The firm was described in a 2014 TCS Group filingas being wholly owned by Tinkov.