UPDATE 1-Novator sells 31 pct of Poland's Netia-sources

* Sources say Novator sold 31 pct of Netia

* Several financial investors said to be buyers

* Novator and Netia decline to comment (Adds more detail, comments)

WARSAW, March 6 (Reuters) - Icelandic investment fund Novator sold its 31-percent stake in Netia NTIA.WA, Poland's second biggest telecoms firm, to several financial investors on Friday, two independent market sources told Reuters.

Some 118 million shares in Netia changed hands during Friday's session on the Warsaw stock exchange in 28 transactions with a volume amounting to 590 million zlotys ($158 million), the official data showed.

"It was Novator," one market source, who declined to be named, told Reuters.

"Financial investors bought the Novator stake," another source added.

Both Novator and Netia declined to comment.

Following the financial meltdown in Iceland, many analysts expected Novator, a financial vehicle of Icelandic tycoon Thor Bjorgolfsson, to be open to cashing out of Netia and its 75-percent stake in P4, Poland's fourth-biggest mobile operator.

In December another Polish phone company MNI SZEP.WA said it had offered to buy Novator's stake. MNI's chief executive, Piotr Majchrzak, told Reuters his company was not among the buyers on Friday.

Media have also mentioned Crowley Data Poland and investment fund NFI Magna Polonia NFIWf.WA as potential bidders for Novator's stake.

Netia, whose shares have risen 18 percent this year, is valued at $294 million. ($1=3.740 zlotys) (Reporting by Adrian Krajewski; Additional reporting by Piotr Bujnicki; Editing by Greg Mahlich)