The Moscow Times Sept 11
Funds advised by private equity company Baring Vostok have made a huge profit after selling off a 3 percent stake in Yandex for $327 million, a move that reflects a growing trend among the search engine’s shareholders.
A notification sent to the U.S. Securities and Exchange Commission showed that the sale took place around Aug. 29, Vedomosti reported Tuesday.
The sale was managed by BC&B Holdings, which holds the shares on behalf of the investment funds.
The Baring Vostok funds have steadily reduced their stake in the Internet company from 16 percent on Dec. 31, 2012, to about 7 percent after the latest sale.
The funds were the largest sellers during Yandex’s second public offering in March, grossing $413.6 million through the sale of a 5.5 percent stake.
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