Gazprom wins dispute over bonds placement procedure
MOSCOW, January 26 - RAPSI. The Moscow Commercial Court sided with Gazprom in its lawsuit on Thursday and overruled the Federal Antimonopoly Service's decision declaring it in breach of competition law while bidding for contracts on its bonds placement, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.
Gazprom summed up the bidding results in April 2010. Renaissance Capital and Gazprombank were granted the mandate to place its bonds amounting to 300 billion rubles ($9.6 billion) - the largest borrowing program on the Russian market.
The antitrust authority has established that Gazprom unlawfully overstated the importance of an aspect of the bids appraisal, thus giving preference to an inferior bid.
MICEX registered the Gazprom bonds issues in August 2010.
Gazprom's charter capital is 118.368 billion rubles ($3.8 billion), divided into 23.674 billion common shares with a par value of five rubles. Over 50 percent of Gazprom shares are held by the state.