VTB’s share in the company will decrease, but it will not lose in price.
In November, the State Duma approved an increase in the authorized capital of RusHydro by 10 billion rubles. in 2018-2020 years. These funds have already been allocated to the federal budget. On Tuesday, the general director of “RusHydro” Nikolai Shulginov estimated the additional issue of 13-14 billion rubles. – will be carried out either one additional share issue, or several consecutive ones, he said.
The new additional issue of RusHydro will not affect the volume of the company’s payments under the forward contract with VTB, the representative of the bank said. The terms of the forward agreement are not subject to change in this case, said a representative of RusHydro: it was concluded in relation to 55 billion shares of RusHydro and does not change as a result of the placement of additional shares.
The state will buy a new additional issue of RusHydro also for 1 ruble. for the share, agrees analyst Raiffeisenbank Fedor Kornachev. VTB’s share will decrease as a result, but after the forward is over, the bank will sell exactly 55 billion shares owned by it at a nominal price, he notes: no matter what this stake will be.
The state owns a little more than 60% of RusHydro’s shares, another 15% owns VTB. The bank received them in the spring of this year, buying out an additional issue of RusHydro for 55 billion rubles. at a nominal price of 1 rub. for the share, as well as buying part of the treasury package RusHydro. The funds RusHydro spent on reducing the debt burden.
Under the forward contract, RusHydro should quarterly pay VTB interest on the forward, which is reduced by the amount of dividends received by the bank for its share. If, at the end of the forward (five years), RusHydro’s share price is lower than the nominal price, then the company will have to compensate the bank for the difference. At the same time, VTB can sell its stake only with the consent of the state, RusHydro says.
On Tuesday, shares of “RusHydro” on the Moscow Stock Exchange fell by 5.62% to 0.75 rubles. a piece.
The funds of the new additional issue will be directed to the project to provide power to the Chaun-Bilibin energy center, the words of the first deputy finance minister Tatyana Nesterenko told Interfax in November. The head of the State Duma Committee on Budget Andrei Makarov noted that these funds will allow closing the Bilibino nuclear power plant. “We always postpone the closure of the station, because there is no wires, this is a question of energy security,” he said (also according to Interfax).
“For us, control by the state is a given,” Shulginov said at a meeting with investors on Tuesday.
RusHydro, as a company with state participation, will always have some obligations for the development of the Far East, he said. The company has managed to significantly reduce these obligations recently, but nevertheless, the additional issue will have to be made, the general director of RusHydro said.
Author: Ivan Peschinsky
Original in Russian: Vedomosti