Another 15.29% of the new shares will be made available to Oltenia’s private stockholders, who will have preference rights over the shares.
The extra funds will be used to finance new investments, the document noted. The government didn’t say when the capital increase would take place.
Oltenia holding was found in 2012 following the merger of mining company Societatea Nationala a Lignitului Oltenia and energy producers Turceni, Craiova and Rovinari.
The company has a share capital of 1.27 billion lei (EUR289 million). The Economy Ministry is majority holder, with a 77.17% stake, while investment fund Fondul Proprietatea (FP.RO) owns 21.53%.
Oltenia has a total installed capacity of 3,570 megawatts, covering over one third of Romania’s electricity production.
The company mulls total investments of EUR1.2 billion between 2013 and 2018. (EUR1=RON4.3825)