Moscow exchange has revised its estimate of Gazprom's free float

Moscow exchange has revised its estimate of Gazprom's free float
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The Moscow exchange has revised its estimate of Gazprom's free float and increased it to 50% from 46%. This was reported to TASS news agency by the trading platform.

“The Moscow exchange has revised the free-float ratio of Gazprom's ordinary shares to 50%. This decision was made following a meeting of the Index Committee held on February 6, 2020,” the press service noted.

The Moscow exchange sets this indicator based on the recommendation of the Index Committee of the trading platform. The index Committee reviewed the information provided by Gazprom about the owners of shares during the placement process in July and November 2019.

In addition, the Committee members studied the exchange's analysis of the dynamics of trading volumes and the structure of market participants who concluded transactions with Gazprom shares, which indicates an increase in the liquidity of the company's shares, the Moscow Exchange explained.

The new value of the index of shares in free circulation will be taken into account in the indices from the next planned revision - from March 20, 2020. The weight of Gazprom shares in the main indexes of the Moscow exchange is already the maximum possible (15%) and will not be increased due to the increase in free-float, the press service of the trading platform also explained.

As previously reported, in November 2019, a subsidiary of Gazprom, Gazoraspredeleniye holding, completed the sale of 850.59 million shares (or 3.59%) of ordinary registered non-documentary shares of Gazprom. The package was sold to one buyer. Taking into account the cost of one share in the placement of 220.72 rubles, Gazprom’s securities were sold for about 187.7 billion rubles.

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