PhosAgro has selected the global transaction service business of Citigroup for its Global Depositary Receipt (GDR) program. The transaction service unit, acting through Citigroup Global Markets Deutschland, will serve the Russian vertically-integrated global leader as the depositary bank for the program.
The GDR program of PhosAgro was set up through a $538 million offering, initially priced at $14 per GDR. The receipt program is listed on the London Stock Exchange. Each GDR represents 1/30 ordinary shares and the underlying ordinary shares have been listed in Russia on the RTS Stock Exchange and MICEX exchanges.
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