Russia's Etalon says biggest shareholders to sell down stakes By Reuters

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Russia's Etalon says biggest shareholders to sell down stakes

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Russia's Etalon says biggest shareholders to sell down stakes

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MOSCOW (Reuters) - The biggest shareholders in Etalon (L:ETLNGq) plan to sell down their stakes, the Russian housebuilder said on Tuesday, reducing their holdings for the second time this year.

Strata Investments, a company owned by the family of Etalon founder Vyacheslav Zarenkov, and investment company Baring Vostok each plan to sell around 14.5 million global depository receipts in Etalon via an accelerated bookbuild.

Etalon will not receive any proceeds from the sale, it said.

In May, the two shareholders sold 37 million GDRs, pricing the deal at $3.58 per GDR.

The Zarenkov family owns 36 percent of Etalon, while Baring Vostok held a 10 percent stake, as of mid-November this year.

London-listed shares in Etalon were down 3.2 percent at $3.77 at 1800 GMT.

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