By Chris Wack

Shares of VEON Ltd. (VEON) dropped more than 6% to $2.20 after Telenor ASA (TEL.OS) priced its previously announced offering.

The Amsterdam-based provider of Internet services said Telenor East Holding II AS priced 100 million shares of VEON at a public offering price of $2.16 per American depositary share, down from Tuesday's close of $2.35 per ADS.

The offering represents 5.7% of VEON's outstanding shares. Upon completing the offering, Telenor is expected to hold 9% of VEON's total outstanding equity.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

March 27, 2019 10:38 ET (14:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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