OREANDA-NEWS. On July 09, 2009 the Global Depositary Receipts (GDRs) of JSC RusHydro ? the biggest Russian generating company and the world’s biggest public hydrogenerating company in terms of installed capacity (25.3 GW) ? began trading on the regulated sector of the International Open Book (IOB) of the London Stock Exchange (LSE).  JSC RusHydro ticker on the LSE is HYDR, reported the press-centre of RusHydro.

In June 2008, JSC RusHydro created a GDR programme (according to Regulation S and Rule 144А).  Depositary bank – The Bank of New York Mellon.  Each GDR certifies the right to 100 ordinary shares in JSC RusHydro.  Since the GDR programme’s inception, the number of GDRs issued has risen from 2.13% to 6.17% of the authorised equity capital of JSC RusHydro.

JSC RusHydro received permission from the Federal Service for the Financial Markets of Russia to trade 37 500 000 000 of its shares (14.7% of its authorised equity capital) in the form of depositary receipts outside the Russian Federation.

Commenting on the opening of trading in the JSC RusHydro GDRs on the London Stock Exchange, Acting Chairman of the Management Board V.A. Zubakin noted: “The decision to obtain a listing on the London Stock Exchange reflects our wish to make use of the considerable liquidity resources by simplifying access for international investors to the company’s securities.  This action will increase considerably the liquidity of our depositary receipts.  We also believe that the depositary receipt listing on the London Stock Exchange will tangibly promote JSC RusHydro not only as a Russian but also an internal Blue Chip company among the companies on developing markets”.

JSC RusHydro shares have been included on the “A1” quotation lists of the MICEX and RTS and are traded on these exchanges under the ticker HYDR. 

JSC RusHydro also plans to establish a programme of first tier American Depositary Receipts (ADRs) that, given the relevant permits from the regulatory authorities, should be launched in August 2009.  The depositary of the given programme will be The Bank of New York Mellon.  

The first tier ADRs will be traded on the Main Market of the London Stock Exchange. 

The majority block of shares in JSC RusHydro (61.93%) belongs to the Russian Federation, with the proportion of JSC RusHydro shares in free circulation being over 30%.  The market capitalisation of JSC RusHydro as of 3 July, 2009 amounted to 315 billion roubles (or 10.12 billion US dollars).