Razgulay surges most in three months on VEB stake talks report
2012-02-29 12:21:05
OAO Razgulay Group (GRAZ), a Russian grain producer, jumped the most in more than three months after Kommersant reported that VEB, the state development bank, is in talks to acquire a 16.8 percent stake.
Razgulay climbed 11 percent to 28.80 rubles as of 10:20 a.m. in Moscow, its strongest intraday advance since Nov. 14.
VEB may gain the stake as part of the grain company’s debt restructuring, according to the Russian newspaper, which cited an investment banker it did not identify. Razgulay got regulatory approval to issue 31.9 million shares in December, Kommersant reported.