MOSCOW - Russian gold and silver producer Polymetal's biggest shareholder has raised £342-million from the sale of a 4% stake in the company through an accelerated book building (ABB), a bookrunner said on Friday.
IST Group, owned by businessman Alexander Nesis, sold 19-million shares in Polymetal, it added.
It is the fifth ABB by Polymetal shareholders this year, analysts at Sova Capital said in a note. Despite selling 4%, IST will remain as Polymetal's largest shareholder with a 24% stake.
The sale of the 4% stake was triggered by the need to repay current debt obligations of the ICT holding and funding commitments of its investment projects, the holding said in a statement.
ICT continues to consider Polymetal an attractive investment and plans to remain its largest strategic shareholder in the long term, it added.