Fondul Proprietatea (FP) will sell its 13.5 percent stake in state controlled electricity transmission company Transelectrica (TEL), the fund announced in a press release. The fund will sell its shares via an accelerated bookbuild in a private placement it will carry on the Bucharest Stock Exchange (BVB). The decision comes as the price of Transelectrica shares almost doubled in the last year. Currently, the company is valued at EUR 390 million on the BVB, which puts the value of the 13.5 percent stake held by FP at almost EUR 53 million. Raiffeisen Bank and UniCredit will act as joint global coordinators and joint bookrunners for the transaction. Local brokerage firm Broker Cluj will act as joint lead manager. The fund sold its 15 percent stake in gas transporter Transgaz (TGN), in December 2013, for EUR 68 million, and in June this year it sold a 5 percent stake in gas producer Romgaz (SNG) for EUR 147 million.
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