Date: 8 months ago   Category: Industry

Rostec has confirmed plans of delisting of AvtoVAZ — Rambler News Service


Alliance Rostec B.V company., which is JV Renault and Rostec state corporations and now more than 80% of AvtoVAZ own, can consider the procedure of delisting of papers of the Russian automobile works after bringing a share to 100%, the head of Rostec Sergey Chemezov has told journalists. "Delisting will be. You know, now we will finish everything, with the credits we will deal, with those which we gave, redeem, we will finish the obligatory offer to all minority shareholders, we will redeem shares from all remaining minority shareholders, under the law they are obliged to sell to us shares of AvtoVAZ, and we will think then what next to do" — he has told, commenting on a question of delisting of AvtoVAZ. Earlier reported about a possibility of delisting in Renault. "If the share reaches 100%, then delisting can become completion of the procedure on her bringing to this level" — RNS in the Renault Nissan group reported. Alliance Rostec has directed the obligatory offer on repayment of nearly 1,6 billion ordinary and 222 million preference shares to total amount nearly 23 billion rubles earlier. The second stage of recapitalization providing converting of debts of AvtoVAZ for the total amount of 61,4 billion rubles of actions is at the moment realized. In his framework Rostec and Renault have crossed in favor of alliance of the right of the requirement for debts of car maker – on 30,7 billion rubles everyone. In exchange the alliance became the participant of the closed subscription for new stocks of AvtoVAZ. The first additional issue of AvtoVAZ — for the sum of 26 billion rubles — has taken place in December, 2016, it was redeemed by Renault and also minority shareholders, including Renessans group. At the beginning of June of last year it was reported that Alliance Rostec which after completion of recapitalization can consolidate nearly 99% of AvtoVAZ can be liquidated in 1-1,5, and the companies will become direct shareholders of AvtoVAZ.

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