By Liz White, ERJ staff
Moscow-Amtel has sold ten percent of its outstanding shares to more than 20 institutional investors in Europe, Russia and the US, in a private sale managed and underwritten by Troika Dialog.
A total of 450 000 shares in the Russian tyre maker were sold, at $76 each, giving a transaction worth $34.2 million. This implies a current Amtel market capitalisation of $342 million, said a company statement.
â€œThe success of this placement clearly indicates an acceptance of our track record and strategy,â€ said Amtel president Sudhir Gupta in the statement, adding that the group will â€œwork hard to fulfill the expectations of our new shareholders.â€ This includes Amtel's specific aim of listing the company in late 2005, he continued.