MOSCOW, June 20 (RIA Novosti)-Russia's financial markets watchdog said Tuesday that it had given state-run oil company Rosneft permission to place 2.14 billion ordinary shares on bourses outside Russia.
The Federal Service for Financial Markets said the shares would have a par value of 0.01 ruble ($1=28 about rubles).
Rosneft is planning to conduct an initial public offering simulatenously in London and Moscow in July and plans to raise between $8 billion and $20 billion. Russia's no.2 crude producer will use some of the funds to pay off a $7.5 bln loan taken by its parent company Rosneftegaz to buy a 10.74% stake in energy giant Gazprom.
