LONDON (ShareCast) - Russian retail giant X5 Retail Group said its rights offering, aimed at raising funds to buy hypermarket chain Karusel, has been 96.5% subscribed by existing shareholders.

The group said shareholders had exercised their rights to buy 46.42m GDRs out of a possible 48.11m. The subscription price is $21.37 each.

Depending on demand at that offering, 3.77m GDRs currently held as treasury stock may also be sold, the group added.

“The results of the offering demonstrate that the chosen financing structure was very well received by the market as it ensured that existing shareholders have the ability to benefit from X5's growth story and secured the required financing for the company to complete the acquisition of Karusel,” said chief financial officer Evgeny Kornilov.

Citi and Goldman Sachs are joint global coordinators of the offering. Alfa Capital Markets, Citi and Goldman Sachs are joint bookrunners and underwriters.

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