Wholesale power generator OGK-6 set for new share issue

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MOSCOW, August 16 (RIA Novosti) - OGK-6, a Russian wholesale power generating company, said Thursday it will float newly-issued shares worth 5.7 billion rubles (about $223 million) via open subscription, but did not specify a timeframe.

OGK-6, the second largest of the wholesale generating companies in terms of installed capacity that were formed during the restructuring of Russia's power system, will offer 11.85 billion common shares at par value of 0.48 rubles, representing more than 21% of its charter capital, in accordance with a decision made by the company's board of directors.

The power generator, which combines six hydropower plants, has a charter capital of 26.73 billion rubles (about $1 billion). The company has installed capacity of 9,052 MW.

Russian energy giant Gazprom will consolidate a stake of over 52% in the company following a share swap in the process of reforming the country's electricity monopoly Unified Energy System (UES).

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