Renault: participates in Avtovaz recovery plans
(CercleFinance.com) - Renault and Rostec, the two partners of Alliance Rostec Auto, the majority shareholder of Avtovaz, have announced their indirect participation in Avtovaz's reserved capital increase that is currently in progress and which will end in April 2018.
Both partners will each transfer 30.7 billion Russian rubles (c. 430 million euros) of receivables and loans to ARA B.V., which will convert them into new shares issued by Avtovaz.
The deal, which amounts to 61.4 billion Russian rubles, is intended to replenish Avtovaz's equity capital.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Both partners will each transfer 30.7 billion Russian rubles (c. 430 million euros) of receivables and loans to ARA B.V., which will convert them into new shares issued by Avtovaz.
The deal, which amounts to 61.4 billion Russian rubles, is intended to replenish Avtovaz's equity capital.
Copyright (c) 2018 CercleFinance.com. All rights reserved.