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Magnit clears the way to issue 7.35 million ordinary shares

Russian retailer PJSC Magnit said Dec. 4 that the Bank of Russia registered 7.35 million ordinary shares, paving the way for an offering via an open subscription.

Magnit can offer these additional shares, each with a nominal value of 1 Russian kopeck, or 0.01 ruble, at an offer price of 6,185 rubles per share.

The company's shareholders have pre-emptive rights to subscribe to the shares on a pro-rata basis commensurate to their existing holdings.

The company said also it had the sole right to determine the opening date for the offering.

A securities prospectus was registered along with the shares, and the company said it will publish the prospectus on its website no later than the offering commencement date.

As of Dec. 4, US$1 was equivalent to 58.87 Russian rubles.