MILAN, April 4 (Reuters) - Italian TV company Mediaset said on Friday it sold a 25 percent stake in broadcasting unit EI Towers to raise about 283.7 million euros ($389.5 million).
The shares were placed at 40.15 euros each, it said.
Mediaset, controlled by former Italian prime minister Silvio Berlusconi, previously held 65 percent of the broadcasting towers company through its subsidiary Elettronica Industriale.
Shares in Mediaset rose 1.5 percent at the open, while EI Towers dropped more than 4 percent to lead losers on Milan's bourse, against an Italian all-share index up 0.14 percent.
The sale, conducted through an accelerated bookbuilding process, was run by Mediobanca. ($1 = 0.7291 Euros) (Reporting by Isla Binnie, editing by Stephen Jewkes)