PARIS, March 12 (Reuters) - French state fund Bpifrance said it completed the sale of 2.5 percent of car parts maker Valeo for around 200 million euros ($277 million).
The shares were sold at a price of 100 euros each. The stock was 1.7 percent lower at 99.50 euros in early trading on Wednesday. Valeo and the fund released news of the move late on Tuesday.
Following the transaction, Bpifrance owns 3.3 percent of the share capital and 3.2 percent of the voting rights of Valeo, and it said it "intends to remain a medium-term shareholder".
Bank of America Merrill Lynch and Credit Agricole were joint lead managers and bookrunners for the private placement. ($1 = 0.7212 Euros) (Reporting by James Regan; Editing by Andrew Callus)