OREANDA-NEWS. September 03, 2010. On September 9, AvtoVAZ shareholders are to convene for an AGM, where they should touch upon upsizing the company’s share capital though a closed subscription additional issue in favor of Renault, Russian Technologies and Troika Dialog.

According to Interfax, the additional issue size is 435 173 411 common shares with a par value of RUB 5. The placement price was defined at RUB 40.24 per share. The September 2 weighted average price per one AvtoVAZ share on the MICEX was RUB 25.80. Therefore, the placement price is 28% higher that the current market value. Future shareholders may pay for the shares by discharging monetary claims against the company.

The stock distribution is supposed to be as follows: 314 775 721 equities should go to Russian Technologies and108 543 355 to Renault. Therefore, at the first phase, the company is to float shares worth RUB 17.47 bn, of which RUB 4.36 bn are to be paid by Renault. A decision to arrange for a shareholder meeting was made by company BoD on July 28. The AGM is to be held in absentia.