RBC Information Systems RBCI.RTS, RBCI.MM, Russia's only listed media company, will offer 15 million new shares to help fund expansion of its fast-growing business, it said on Friday.

Analysts said the offering might raise some $20 million. The company operates Russia's only 24-hour business television channel, launched last year, and also specialises in software and information technology consultancy services.

RBC's Chairman German Kaplun said at a presentation in Moscow, to be followed by a roadshow next week across Western Europe, that nearly three quarters of the proceeds of the offering would finance expansion of the company's media and information technology interests.

The offering involves the sale both of existing and newly issued shares in RBC, which was listed on Moscow's RTS and MICEX exchanges in 2002. The company's shares were down 3.5 percent at 55.50 roubles late on Friday.

RBC's five core shareholders are to place 11.16 million existing shares with selected Russian and international investors. Simultaneously, 15 million new shares will be issued, of which the existing core shareholders will receive 11.16 million.

The company's chief financial officer, Dmitry Belik, said the offer was structured in this way because Russian stock exchange regulations require a 45 day wait before newly issued shares can be registered and resold.

The proportion of the company's shares that float freely will rise to 36.1 percent after the offering is complete from 26.5 percent.

The pricing of the offering would be on June 16 and trading in newly placed existing shares would commence the following day.

The company made a net consolidated profit of $3.7 million in 2003 on sales of $48.5 million and is forecasting net consolidated profit of $10.8 million in 2004 on sales of $71.13 million.

RBC recently announced a joint programming venture with U.S. business channel CNBC.