INTER RAO UES Group has completed the reorganization procedure
25 September 2012
The INTER RAO UES Group has completed the reorganization procedure, as a result of which the Russian generating assets, previously merged into OJSC OGK-1 and OJSC OGK-3, came under the control of 100% of the subsidiary of OJSC INTER RAO UES – OJSC INTER RAO – Electric Power Plants, the energy holding company said in a statement.
The shares of OGK-1 and OGK-3, which belonged to minority shareholders of these companies, were converted into ordinary shares of INTER RAO UES of additional issues. From October 1, 2012, transactions with securities in the register of shareholders of OGK-1 and OGK-3 were stopped.
Reportedly, during the reorganization, INTER RAO UES fulfilled all obligations to minority shareholders and bought back shares from the shareholders of all of the above companies who voted against the reorganization or did not take part in the voting, in the amount of 11.7 billion rubles. As a result of these processes, the authorized capital of JSC INTER RAO UES will increase by 6.8%, while the share of shares in free circulation will increase from 16% to 18%. The state and state-owned companies will retain control of the capital and their share will be more than 55%.
