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Mail.ru Group plans to raise $600 million for development and future deals

September 24, 2020|
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According to an announcement by Mail.ru Group on the London Stock Exchange, the Internet company plans to raise $600 million: $200 million in global depositary receipts (GDRs) to raise capital and $400 million in convertible bonds.

Mail.ru Group will use this money to develop and support the business and finance future transactions, especially in areas that have spurred growth on the pandemic. The holding plans to invest part of the money in a joint venture with partners: O2O Holding with Sberbank and AliExpress Russia with Alibaba Group, the Russian Direct Investment Fund and Megafon.

The convertible bonds will be placed due 2025.

The American investment bank Morgan Stanley will act as the coordinator and bookrunner of the bond placement.

On September 24, Mail.Ru Group GDRs gained 4% during trading on the London Stock Exchange, and at its peak, the growth exceeded 8%. A similar dynamics was observed at the Moscow Exchange. 

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