|Bid||6,534.00 x 2100|
|Ask||6,535.00 x 200|
|Day's Range||6,498.00 - 6,737.00|
|52 Week Range||6,123.07 - 11,397.90|
|PE Ratio (TTM)||551.27|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Russian food retailer Magnit (MGNT.MM) has launched a two-step equity fundraising deal aiming to raise around $700 million to fund its expansion. Lavreno Limited, a company affiliated with Magnit's main shareholder Sergey Galitskiy, sold 7.1 million shares in Magnit at 6,185 roubles (77.7 pounds) each, to raise 44 billion roubles through an accelerated bookbuild. In the second phase, Magnit is to issue new shares which will be acquired by Lavreno, using the proceeds from the accelerated book-build.
Russia's second-biggest food retailer Magnit (MGNT.MM) said on Friday its third-quarter net profit more than halved year-on-year, sending its shares down more than 5 percent. The company, which has more than 15,000 low-cost stores, said net profit fell to 6.9 billion roubles ($120 million) from 14.8 billion a year ago. It gave no reason for the decline but analysts have predicted Magnit would cut prices to attract cash-strapped consumers, which would hurt its profits and margins.