Russia's Prosperity says raises stake in Enel Russia to around 10 pct

MOSCOW, July 20 (Reuters) - Russia's Prosperity Capital Management has bought a 5.2 percent stake in Enel Russia from the European Bank for Reconstruction and Development (EBRD), increasing its stake to around 10 percent, its executive said on Monday.

Earlier in July, Enel Russia, controlled by Italian utility company Enel (Milan: ENEL.MI - news) , said the EBRD had sold its 5.2 percent stake in the company. It did not disclose who the buyer was.

Roman Filkyin, co-director with Prosperity Capital Management which has around $2.2 billion of assets under management, said it had bought the entire EBRD stake, which allowed Prosperity to gain around 10 percent in Enel Russia.

Filkyin declined to disclose the price of the deal. Based on Enel Russia's market capitalisation the stake is worth around 1.6 billion roubles ($28 million), according to Reuters calculations.

"We see the company as undervalued. We are counting on dividends and an increase in value," he said.

EBRD declined to comment. ($1 = 56.8250 roubles) (Reporting by Anastasia Lyrchikova; writing by Katya Golubkova; editing by Elizabeth Piper and David Evans)