The assessment of Rosbnka in the framework of a possible integration with Tinkoff is approximately 0.9-1.1 capital, as indicated in the materials of TKS Holding.
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In early March, Tinkoff, which has been 35% owned by Vladimir Potanin’s Interros since 2022, announced its board of directors’ plans to invite shareholders to consider integration into the Rosbank structure. The latter was also acquired by Interros in 2022.
As follows from the company’s materials, the board of directors of TKS Holding relies on an estimate of the probable multiplier of 0.9-1.1 capital. At the same time, the document clarifies that the final evaluation will be influenced by the results of due diligence, which is carried out with the participation of external consultants.
The documents also note that the holding company, to finance the proposed transaction, expects to use an additional issue of its shares at a price of 3,423.62 rubles per share. The maximum volume of the planned additional issue will not exceed 130 million shares, taking into account the reserve necessary for the exercise of the preferential right of redemption by shareholders. The size of this reserve is estimated at approximately 50 million shares.
Any unused amount of additional shares approved for issuance will be refunded. If shareholders approve the additional issuance at the May 8 meeting, the holding company expects the additional issuance to be completed and the deal to close in the third quarter.
As independent financial analyst Andrei Barkhota said in a comment to Forbes, Rosbank’s valuation of 0.9-1.1 equity is overstated.
Author:
Natalia Gormaleva
Source: RB
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