Reuters reported that Russian power firm TGK-13 TGKM.RTS has extended the deadline for bids for its secondary share offering as it is still awaiting formal go ahead from its parent firm.

A source close to the deal said the deadline for submitting bids could be extended until after April 4th 2008 when TGK-13 parent firm RAO UES's state controlled board will meet to formally approve the sale of its stake in TGK-13. TGK-13 had initially planned to close the book on Wednesday.

TGK-13 is being sold under a scheme that differs significantly from most of UES's previous sales.

The TGK-13 placement is expected to generate up to USD 550 million and reduce UES's state to 31.5%.