Russian wholesale power generator OGK-2 on Monday announced a price range of $14.75-$18.00 per global depositary receipt for the first global offering of new shares in a utility being spun off as part of a restructuring of electricity monopoly Unified Energy Systems.

OGK-2 said it was seeking to raise $1.7bn to upgrade its capacity via the share offering and issue of a $300m-$350m five-year convertible bond. The price values it at $5.68bn-$6.93bn. Pricing is expected on September 28 for the offer.