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Report: Russia's 10.9% ALROSA stake sale priced at US$820M

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Report: Russia's 10.9% ALROSA stake sale priced at US$820M

Russia's sale of its 10.9% stake in was priced at 65 Russianrubles per share, bringing in about US$820 million, Reuters reported July 9,citing a source close to the placement.

It was rumored that the government was seeking 71 rubles foreach share of the diamond producer. Meanwhile, bankers managing the sale toldinvestors that bids below 65 rubles per share would not receive allocations.

The sale price represents a 3.8% discount to ALROSA's July 8closing price.

As of July 8, US$1 wasequivalent to 63.96 Russian rubles.