Shares in TCS Group, the parent company of Tinkoff Bank, skyrocketed during trading on the Moscow Stock Exchange on January 8 after the decline in the ownership of founder Oleg Tinkov and his family, according to data playgrounds.
At the time of publication, a global depositary receipt (GDR; an instrument that assigns the holder the right to own shares) was worth 2832.8 rubles on the Moscow Exchange. Growth in comparison with the level of closing of the previous session on January 6 amounted to 14.7 percent.
The cost of one share on the London Stock Exchange (LSE) is $ 38.08. Growth over the previous trading day – 8.1 percent, or $ 2.88.
On January 7, it became known that TCS Group B shares traded on the LSE, owned by the structures of the Tinkov family, will be converted into Class A shares.The latter give the right to one vote at the general meeting of shareholders against ten votes for holders of Class B securities.
Thus, Tinkov’s voting stake in TCS Group will be reduced from 84 to 35 percent. The businessman himself explained this step by the need to carry out fundamental changes, which will be announced later.