OAO Mechel (MTLR), billionaire Igor Zyuzin's coal and steel producer, plans to sell as many as 138.8 million preferred shares, more than double the number it failed to sell in the summer.
Russia's financial markets service approved the share issue, the Moscow-based company said in a regulatory filing today. Mechel spokesman Ilya Zhitomirsky declined to comment further.
Mechel in July postponed the sale of 55 million preferred shares, citing ``uncertainty in the financial markets.'' At the time, the company was seeking to raise as much as $3.3 billion.
To contact the reporter on this story: Maria Kolesnikova in Moscow at firstname.lastname@example.org.
To contact the editor responsible for this story: Stuart Wallace at email@example.com.