Following Alrosa’s plan to sell its 72,726 new shares worth $40 million (981.94 million rubles) to the state, the Russian government is on the verge of increasing its shareholding from the earlier 37% to 43%. The state ownership will also be made through the transfer of a 10.6% stake from the state-run bank VTB (Vneshtorgbank), according to Reuters.

Apart from the state, other shareholders in Alrosa include the government of Yakutia (32%), and eight regional districts. The state interest in Alrosa is being perceived as a boost for the company, which intends to diversify into gold and coal before going public within a year’s time.