The federal block of shares of the National Reserve Bank was sold with double the price

The Auction House of the Russian Federation (AHRF) held bidding on behalf of the Federal Property Management Agency within the framework of federal privatization, on January 9. A block of shares of JSCB National Reserve Bank (JSC) in the amount of 46,540 ordinary registered non-documentary shares (2.74%) was put up for sale.
The National Reserve Bank is an operating bank with a license. As of the beginning of the previous year, the bank was ranked 134th by profit in the rating of the Russian banking system. The bank has good Russian and international credit ratings.
The owner of this block of shares can include the necessary issues in the agenda of the annual shareholders meeting and nominate candidates for the Board of Directors.
The bidding was held through a public offer on the electronic trading platform of ETP AHRF - Lot-online.
The bidding was attended by 6 applicants.
During the bidding 643 steps to increase the price were made. As a result, the selling price more than doubled the initial price.
The winner of the bidding offered the highest price for the lot is 120.2 million rub. (initial price is 55.9 million rub., the minimum price is 27.95 million rub.).
«We are satisfied with the result of the bidding - the procedure of the updated Dutch electronic auction fully justifies itself. In October last year, at the initiative of the AHRF in the 860th Government Decree, which regulates the sale of property by public offering, an amendment was made, which allowed for a single trading session to move from a consistent reduction in price (public offer) to the classic English auction - bidding for increase. Previously, the property price was only lowered during the bidding until there is a buyer ready to pay another reduced price. After that, the bidding was over. Now, when there is such a buyer, the sale becomes an auction for an increase, and bidders begin to compete for the property, increasing its value. As a result, at this auction, we were able to achieve double the initial price. The novelty guarantees competition and ensures the sale of the property to the buyer who is ready to pay the maximum price for it», - says Grigory Nachinkin, Head of the Privatization Department of the AHRF.