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Megafon raises $1.7bn in Moscow and London share sale

Megafon, the mobile phone operator controlled by Russia's richest man, has raised $1.7bn (£1.1bn) from a share sale in Moscow and London.

Pricing shares at the bottom of its $20-$25 range, the sale values Megafon at $11.1bn.

Russia's second biggest mobile operator is controlled by Alisher Usmanov, a 30% stakeholder in Arsenal football club.

Brian Milligan reports.