The fund’s administrator, Franklin Templeton, announced the buyback program on April 10.
On April 12, when the program started, Proprietatea jumped to a record high of RON0.673 per share since 2011, when the fund was listed on the stock exchange.
Over the past two weeks, Fondul Proprietatea traded at between RON0.65 and RON0.66 per unit.
The redeemed shares will be cancelled, according to a decision taken by shareholders last year.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
US hedging fund Elliott Associates is the fund’s largest shareholder, with a 17% stake, followed by investment management fund City of London with 9.69%. (EUR1=RON4.3352)