“The exit price per share represented a small discount to yesterday’s closing price of RON0.4511 on the Bucharest Stock Exchange,” EBRD said in a statement.
Raiffeisen Capital & Investment S.A. and Wood & Company acted as joint book runners on the placement.
“Our exit from Petrom is proof of Romania’s attractiveness to institutional investors. We are proud to have contributed to making Petrom the successful, strong and attractive company it is today,” said Eric Rasmussen, EBRD’s Director, Natural Resources.
Rumors were spread in the market even since Wednesday that an unnamed investor was planning to sell 0.81% in OMV Petrom. The rumors led to a 5.6% decline in the company’s shares, as investors expected the shares to be sold at a lower price.
Initially, several brokers said the shares were being sold by regional investment fund Fondul Proprietatea (FP.RO), but the fund later denied the information.
Petrom is 51%-owned by Austria’s oil and gas group OMV. Romania’s Economy Ministry holds 20.64% of the company’s shares, while Fondul Proprietatea and the European Bank for Reconstruction and Development own 18.99% and 2.63%, respectively.