Fondul plans to sell 13.5 pct stake in Romania's Transelectrica

BUCHAREST, July 8 Tue Jul 8, 2014 3:28am EDT

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BUCHAREST, July 8 (Reuters) - Romanian investment fund Fondul Proprietatea plans to sell its 13.5 percent stake in state-owned power grid operator Transelectrica through an accelerated bookbuilding process, it said on Tuesday.

Fondul, set up to compensate Romanians whose assets were seized under communism, holds minority stakes in a slew of state-owned firms and has recently sold small stakes, including in gas producer Romgaz and gas pipeline operator Transgaz.

The fund has been buying back its own shares in an attempt to lower its share capital and narrow the discount between its net asset value and its stock price.

By 0725 GMT, Transelectrica shares were bid at 22.5000 lei per share, down 3.8 percent on the day. Fondul shares were 0.3 percent up from the previous session at 0.8525 lei ($0.26).

For more details, please see ($1 = 3.2250 Romanian lei) (Reporting by Luiza Ilie)

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