The fund is offering up to 9,895,212 Transelectrica ordinary shares in a private placement addressed to qualified investors.
At Monday’s close price of 23.38 lei (EUR5.329) a share, the fund’s stake in Transelectrica is valued at RON231.3 million (EUR52.6 million).
This will be the fund’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.
Raiffeisen Bank and UniCredit will act as joint bookrunners for the transaction, while SSIF Broker will be joint lead manager, the fund said in a stock exchange filling.
Transelectrica is 56.68%-owned by the Romanian state, through the government’s General Secretariat.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
The fund owns stock in over 80 companies in key sectors such as oil and energy. (EUR1=RON4.3867)