Russian billionaire Mikhail Prokhorov’s Onexim Group will sell 3.3% in aluminum giant UC RUSAL for $240 million, a banking source familiar with the deal reported.

Onexim plans to sell 505 securities at 3.7 Hong Kong dollars, or 27.7375 rubles, per share.

Dimosenco Holdings, an affiliate of Onexim group, started collecting bids for 2.5% in RUSAL at a price of $200 million on February 13. The offer was in the form of accelerated bookbuilding, which indicated that Onexim might increase it, a banking source said.

Close to the end of book building, the placement’s organizers told investors that bids below 3.7 Hong Kong dollars per paper might be turned down, while bids for the stake exceeded $200 million, a source with knowledge of the deal said.

On February 13, RUSAL’s shares at the Hong Kong Exchange were priced at HK $4.09 per security.

VTB Capital acted as the global coordinator and bookrunner of the deal. Onexim Group will be unable to sell its remaining shares in RUSAL for 90 days after the deal. (Prime/Ukrainian metal)

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