Russian gold miner Polymetal will become the newest entry to the FTSE 100 when it lists in early November.

The group is controlled by Russian businessmen Mr Alexander Nesis and Mr Alexander Mamut as well as Czech entrepreneur Petr Kellner. But the three will relinquish a portion of their stake as the group prepares to float more than 50% of its stock on the London Stock Exchange on November 2nd 2011.

The listing would put them ahead of Roman Abramovich’s steel firm Evraz, which is planning to begin public trading on November 7th 2011. Polymetal plans to raise EUR 518million from an offering of 50m shares with the price ranging from 910p to 1035p per share.

The move will give the company a market value of between EUR 3.5billion to EUR 3.9billion making it the newest entry into the coveted Footsie group. A free float of more than 50% is the legal requirement for companies based outside of the UK and 25% for those inside.

The group confirmed that 83% of its shareholders had entered into a share swap that began at the end of September including Nesis, Mamut and Kellner.

By trading in their shares in Polymetal, existing holders can claim the same number of shares in Polymetal International Plc the trading name of the new group. Although Polymetal wanted a take up rate of at least 85% it has extended the deadline for the share swap until tomorrow and confirmed it would press ahead even if the number was not reached.

(Sourced from www.thisismoney.co.uk)