Russia's Richest Man Sells 7.4% Stake of Mail.Ru

By Edward B. Doong

Feb 28, 2013 12:01 PM EST

Alisher Usmanov, the richest man in Russia, has sold a stake worth 7.4% in Russian free email service Mail.Ru at $34.25, valuing the stake at about 530 million dollar, according to the selling shareholder.

In its filing, the Russian internet group mentioned that Ardoe Finance Ltd. a company controlled by Usmanov, will invest 14.5 million Mail.Ru global depository receipts, the source familiar with the matter revealed.

Earlier, share placement ranged from $34.35 to $36 a share, which shows a discount of 4-8% to the closing price of $37.4, a market source disclosed.

Usmanov owns shares in several companies including Kommersant, Secret Firmy Publishing Houses, MegaFon and the internet newspaper Gazeta.ru.

He is also the co-owner of Mail.Ru and the famous social networking site Facebook. 

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