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TCS Group Holding secures secondary listing on Moscow Exchange

Moscow Exchange approved the listing of TCS Group Holding PLC's global depositary receipts, with trading expected to start Oct. 28.

It will be a secondary listing of the GDRs which already trade on the London Stock Exchange. Neither TCS Group Holding nor its existing shareholders plan to sell their GDRs in connection with the Moscow listing, according to TCS Group Holding's Russia-based subsidiary JSC Tinkoff Bank.

The Moscow Exchange listing will expand TCS Group Holding's investor base to include Russian investors who are not present in London, and it will support liquidity, the bank noted in its Oct. 23 filing.