The funds will be used to increase Hidroelectrica’s share capital, the document, obtained by MEDIAFAX, showed.
Hidroelectrica will be placed under private management by the end of December, while the investment bank that will run the IPO will be selected by mid-February 2012, the letter noted.
The Romanian Economy Ministry owns 80.05% in Hidroelectrica, while investment fund Fondul Proprietatea (FP.RO) has 19.94% of its shares.
In a draft decision published in November, the ministry said it would waive its subscription rights on the new shares issued during Hidroelectrica’s IPO.