Franklin Templeton, the administrator of the EUR 3.5 billion Property Fund (FP), said on Tuesday it planned to sell its 13.5 percent stake in Transelectrica, the state-owned grid operator, through an accelerated bookbuild on the Bucharest Stock Exchange (BVB).
The sale is structured as a private placement and addressing certain investors. Transelectrica closed Monday at RON 23.38 per share and at this price the stake is worth RON 231.2 million (EUR 52.6 million).
Raiffeisen Bank and UniCredit will act as joint global coordinators and joint bookrunners for this transaction. SSIF Broker will be joint lead manager.
The announcement comes less than a month after the closed-end fund sold a 4.9 percent stake in Romgaz, the state-owned natural gas producer, raising EUR 147 million. The fund still holds a 10 percent stake in Romgaz.
FP’s portfolio included stakes in 58 companies by May 2014, out of which only 20 were listed.
The biggest shareholder in FP is US-based hedge fund Elliott Associates with a 15.2 percent stake.
FP shares gained 0.35 percent to RON 0.8530 by lunch trading on the BVB, while Transelectrica lost 2.95 percent to RON 22.69.