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Vladimir Putin signed Executive Order On the Develpment of Federal Hydrogenerating Company RusHydro.
For the purposes of improving the performance of energy industry facilities and promoting the development of Federal Hydrogenerating Company RusHydro, the Executive Order approves the procedure of increasing the company’s authorised capital by issuing additional stocks, with the proviso that the share of the Russian Federation in RusHydro charter capital must not be less than 60.5%.
Federally-owned stocks of the open joint-stock companies and funding in the amount of not more than 50 billion rubles [$1.6 billion] from the 2012 federal budget will be transferred to the company’s authorised capital as payment for additional shares issued by RusHydro in connection with the increase in its authorised capital.
In addition, the Federal Hydrogenerating Company RusHydro has been included in the list of strategic enterprises and joint-stock companies.
Appropriate instructions have been issued to the Government, the Economic Development Ministry and the Energy Ministry.
November 22, 2012