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VimpelCom (VIP) Stock Slumps on Common Offering

NEW YORK (TheStreet) -- Shares of VimpelCom (VIP) were sliding 5.77% to $3.67 on heavy trading volume mid-Monday morning after the Amsterdam-based telecom company announced a public offering of 142.5 million American depositary shares.

Each ADS represents one common share, according to a company statement. Pricing for the offering has not yet been determined.

The selling shareholder, Telenor East, is a subsidiary of Norway-based telecom company Telenor USA (TELNY). VimpelCom will not receive any of the proceeds from the sale.

Telenor is granting the underwriters...