Russia’s largest automaker AvtoVAZ, will offer investors 9.25 billion rubles ($158 million) worth of shares in a secondary share offering, Interfax news agency noted.
AvtoVAZ is offering shares at 10.3 rubles apiece, report stated. The shares would be positioned through a closed subscription with Alliance Rostec Auto B.V. as a possible buyer.
AvtoVAZ produces almost one million cars every year, consisting of the Kalina, Lada Granta, Lada Priora, Lada 4×4 and Lada Largus, in addition to the cars of Renault-Nissan alliance brands that are Renault Logan II, Renault Sandero II, Datsun on-Do and Datsun mi-Do (the Nissan sub-brand), and Nissan Almera New.
The VAZ factory remains the largest car manufacturer not only in Russia, but also Eastern Europe.