Mail.Ru Group is preparing to raise $600 million

Mail.Ru Group announced plans to place convertible bonds and global depositary receipts (GDR) for $600 mln. This amount corresponds to 10% of the company's market capitalization.

Mail.Ru Group plans to place convertible bonds in the amount of $400 million and conduct an accelerated placement of GDRs for $200 million. The company can use the funds to develop and support business, finance future transactions, as well as invest in a joint venture with RDIF, MegaFon and Alibaba - "AliExpress Russia" and in a joint venture with Sberbank "O2O Holding".

The main shareholders of the company, including Naspers and Tencent, plan to take part in the placement of shares, the report indicates. The convertible bonds will be placed with maturity in 2025.

• Today GDR Mail.Ru Group during trading on the London Stock Exchange rose by 4%, and at its peak growth exceeded 8%. Similar dynamics was observed on the Moscow Exchange.

• Mail.Ru is owned by the South African media holding Naspers (27.6% of the authorized capital), the Chinese Alibaba (10%) and Tencent (7.4%) and MF Technologies (5.2%). Free-float is 49.8%.