Gazprom and VTB launched the procedure for converting their receipts into shares
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Gazprom sent a notice to Gazprombank, according to which it is necessary to automatically convert depositary receipts into the company’s shares. Also, the procedure is being launched by VTB, Inter RAO, Tatneft and Rostelecom.
About the beginning of the procedure for converting receipts VTB, “Inter RAO” and “Tatneft” reports “Prime” with reference to the company, “Rostelecom” – TASS.
Inter RAO converts global depository receipts, and Tatneft converts American depositary receipts (ADRs). Rostelecom’s ADR conversion will take place after October 12. VTB’s depository program will end on 1 September. The procedure for converting Gazprom’s receipts should also be completed in September 2022.
Law provides the possibility of converting depositary receipts into ordinary shares of Russian issuers without the participation of a foreign depositary bank. The procedure for automatic conversion is determined by the Bank of Russia. Converting depositary receipts into shares started today, August 15th.
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