Magnit announces capital raise, CEO sells share block
The CEO of Russia’s largest retailer Magnit is selling a block of Rb41.4bn ($700m) worth of Moscow-listed shares, to fund his subscription to a capital increase, also announced this evening.
Magnit announced disappointing results on October 20, since when its share price has fallen 26%. It is listed in Moscow and London with a market cap of Rb657bn ($11bn).
This evening it announced a capital increase through an issue of new shares through open subscription, but did not say
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