Fondul Proprietatea sold 9,895,212 Transelectrica ordinary shares at RON21.5 a share, 8% lower from the Monday close price of RON23.38 a share.
At 11:35 am Wednesday, Transelectrica traded up 0.82% on the day at RON22.18.
Transelectrica is 56.68%-owned by the Romanian state, through the government’s General Secretariat.
Raiffeisen Bank and UniCredit acted as joint bookrunners for the transaction, while SSIF Broker was joint lead manager.
This was Fondul Proprietatea’s second private placement in less than two months, following the sale in June of a 5% stake in state-run natural gas producer Romgaz (SNG.RO) in exchange for RON644.6 million, roughly 6% below the market price.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
The fund owns stock in some 80 companies in key sectors such as oil and energy. (EUR1=RON4.3867)