Obuvrus, an SPV company of Novosibirsk-based shoes retailer Obuv Rossii, has started placement of the first-series $25m bonds, the company reports.

The three-year bonds are reportedly to be placed publicly at MICEX.

Under plans, the raised funds are to be invested into the retail chain expansion. Under the company’s investment program, by 2015 the number of its stores throughout Russia is to reach 450.