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Russia's Megafon files to raise limit for GDR programme

Reuters - UK Focus

MOSCOW, June 3 (Reuters) - Russia's second biggest mobile phone operator Megafon (MCX: MFON.ME - news) said it wants to increase the limit of its global depositary receipts programme to 25 percent of outstanding shares from 20 percent.

The company has filed for an application with the Central Bank and expects to obtain approval within 30 days, which will enable it to increase the number of GDRs to 155 million from 123.4 million, it said in a statement. (Reporting by Maria Kiselyova; Editing by Megan Davies)