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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.

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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