Azernews.Az

By Katya Golubkova, REUTERS

Sberbank (SBER.MM), Russia's top lender majority-owned by the state, started a long-awaited 7.6 percent stake sale on Monday as part of a broad privatization move, with a price range set at between 91 roubles ($2.99) and the market price at the time of closing of the books as early as tomorrow.

The sale, which could fetch more than $5 billion, will be Russia's biggest since February last year, when the country's No.2 lender VTB (VTBR.MM) raised around $3.3 billion by selling a 10 percent stake, also as part of the privatization drive.

The stake sale had largely stalled due to fragile markets and was repeatedly delayed as authorities and the lender itself were awaiting a higher share price.

Sberbank's shares closed at 97.05 roubles on Friday, its highest since April, boosted by the U.S. Federal Reserve's aggressive stimulus program, valuing the 7.6 percent stake at $5.4 billion by last week's closing.

The sale will take place in Moscow and London, the bank said. A source close to the deal said that the order book will close on Tuesday.

"The MICEX offering is expected to comprise up to 10 percent of the aggregate size of the offerings, subject to increase up to 15 percent at the discretion of the central bank depending upon demand," the lender said in a statement.

Sberbank will offer ordinary and global depositary shares, which each GDS representing four ordinary shares. The lender added that no new capital will be raised during the offering.

Russia's central bank, which will reduce its stake in Sberbank to 50 percent plus one voting share, appointed Credit Suisse, Goldman Sachs International, J.P. Morgan, Morgan Stanley and Troika Dialog as joint global coordinators of the deal.

Sberbank said that its subsidiary LLC Sberbank Investments may acquire an equivalent of up to 20 billion roubles of ordinary shares in the offering at the offer price and on the same terms as other investors.

On Thursday, the Federal Reserve launched another aggressive stimulus program, saying it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market, boosting global stock markets.

($1 = 30.4837 Russian roubles)