Romanian investment fund Fondul Proprietatea sold a 4.15% stake in local gas producer Ramgaz via an accelerated book building offer on the Bucharest Stock Exchange and London Stock Exchange.

The fund cashed in EUR 103 million from this deal. The sale price was RON 28.5 per share, some 6.5% lower compared to Romgaz’ closing price on Monday, before Fondul Proprietatea announced its intention to sell.

The fund announced on Monday that it planned to sell 3.78% of Romgaz, but the transaction was higher due to strong demand from investors. More than 90% of the 16 million shares were sold on the Bucharest Stock Exchange as few investors opted for global depository receipts (GDRs) listed in London.

After this deal, Fondul Proprietatea still holds a 5.85% stake in Romgaz. The fund will use the proceeds from this deal to finance its ongoing share buyback program.

editor@romania-insider.com