Russia's TMK to Sell 44M Additional Shares in VTB Deal

Reuters

MOSCOW, March 22 (Reuters) - TMK, Russia's largest maker of steel pipes for the oil and gas industry, said on Tuesday it would sell 44 million additional shares as part of a financing deal with VTB bank.

TMK agreed a deal with VTB last year to raise around 10 billion roubles ($147.09 million) by selling its shares. The funds will be used to reduce debt by repaying bank loans this year.

(Reporting by Svetlana Burmistrova and Anastasia Lyrchikova; Writing by Jack Stubbs; Editing by Maria Kiselyova)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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