MOSCOW. July 25 (Interfax) - The board of directors at OJSC Russian Railways (RTS: RZHD), (RZD), has made a proposal to the Russian government for the sale of 50% minus two shares in its subsidiary, OJSC RZDstroy, at no less than 1,303.35 rubles per share, RZD said in its annual reporting.
"The board's approval of the transaction is dated April 20, 2010," RZD said.
RZDstroy's charter capital comes to 9,933,153,000 rubles and consists of 9,933,153 shares at a face value of 1,000 rubles per share. Therefore, 4,966,574 shares have been offered for sale. Therefore, the minimum value of the packet, if the Russian government approves the transaction, might come to over 6.473 billion rubles.
It was earlier reported that RZD's board has approved the private placement of up to 50% minus two shares in RZDstroy.
RZDstroy was founded in 2006 from 19 building and installation branches at RZD, which accounts for 20% of construction orders of RZD's needs. The company builds surface infrastructure.<<<