RusHydro to start selling shares on St. Petersburg exchange

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Russian energy giant JSC RusHydro has announced the company's shares will be include in the list of tradable securities on the Saint Petersburg Stock Exchange.

The ordinary shares with a par value of one ruble per share were admitted to trading without inclusion to quotation lists, the company (LSE: HYDR) said, with trading to begin June 9.

HydroWorld.com reported in May that Russian Federation Vladimir Putin had signed a decree allowing JSC RusHydro to issue additional shares, providing the government's ownership in the share capital of the company does not fall below 60.5%.

Currently, the Russian Federation holds 66.837% of RusHydro's interests, while the rest is held by institutional and individual shareholders.

Capital raised by the stock issuance will be used to finance construction of the 237.7-MW Verkhne-Narynskie and rehabilitation of the 340-MW Perepadyne hydroelectric power cascade projects.

HydroWorld.com also reported recently that RusHydro had commissioned two newly rehabilitated turbines at its Sayano-Shushenskaya hydropower plant.

The company also recently announced a deal with Atlantis Operations Ltd. to develop marine energy projects in Australia.

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