United Grain Company is Russia's state grain trader.
United Grain accepted bids for 3.51 million new shares, equivalent to 50 percent minus one share of its equity following the additional stock issue and sale, it said today in a statement.
The grain trader, set up three years ago to conduct state purchases, develop export infrastructure and ship grain abroad, will use the investment to raise handling capacity at ports to 16 million metric tons a year by 2015 and silo storage to 8.4 million tons, according to company data. Russia is poised to become the third-biggest grain exporter in the season ending in June following a shipment ban last year because of a drought.