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updated: 9/17/2012 7:23 AM

Russia to sell $5.7 billion stake in Sberbank

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Associated Press

MOSCOW -- Russia's Central Bank says it will sell part of its majority stake in the state-controlled Sberbank in a move that could raise some $5.7 billion.

The Central Bank said in a statement Monday that it will sell 7.6 percent of its stock. That will reduce its share, held on behalf of the government, to 50 percent plus one share.

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Sberbank's shares traded down 1.7 percent, at 95.4 rubles, on the MICEX stock exchange early Monday afternoon.

MICEX, which organizes the sale, said Monday that the shares are offered at a range between 91 rubles and the stock's closing price when the order book is shut. The exchange said the books are due to close at 9 p.m. Monday or Tuesday.

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