Avtovaz shareholders have valued the carmaker at US$2.4bn (RUB74.4bn) before its additional share issue planned for the end of this year, an anonymous company shareholder has said.

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This valuation puts the troubled Lada carmaker roughly 3.5 times higher than its current market price, according to Reuters. At Friday’s close of the MICEX exchange, Avtovaz was worth RUB21.02bn ($695.1m).

Renault said recently it would pump EUR240m ($313.2m) into Avtovaz and keep its stake above 25% for at least two years and Russian state conglomerate Russian Technologies has said it would increase its stake to 36.5% via the purchase of EUR730m of new shares. Moscow investment bank Troika Gialog will retain a 25% stake.

Avtovaz shareholders are expected to approve the first additional share issue worth RUB17.5bn – to take place this year – at a meeting set for 9 September.

In a second stage planned for 2011-12, shareholders want to issue an additional RUB19.3bn worth of shares.

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