Fondul Proprietatea (FP) sold through an accelerated private placement 4.15% of the stakes in Romgaz, more than initially planned, for the amount of 456 million lei (103.1 million euros), with a discount of 6.8% .

The Fund announced on Tuesday the sale of the 16 million shares in Romgaz, to qualified investors, of which 14.71 million in the form of shares and 1.28 million in the form of certificates of deposit. The actual transaction value has been increased by 9.7% on the initially targeted volume, due to the high demand from investors.

The share price was set at 28.50 lei and $ 7.32 (regarding the sale of certificates of deposit with the shares as support). Taking into account the closing month price of 30.45 lei per share, results a 6.8% discount. Upon completion of the transaction, the Fund will hold 22.54 million Romgaz shares, representing 5.84% of the capital.

Romgaz dropped on Tuesday, to a minimum of 29.3 lei / share, down 3.77% over the closing of 30.45 lei / share, from the Monday closing session. The share price subsequently recovered partially the decline on Tuesday was 3.12%.

“It’s similar to what happened with OMV Petrom when it announced that FP sells the shares of the company. When entering the market a quantity of shares so large the price falls. The sale is made through an accelerated private placement, so it be a discount to the market. The decline is cyclical and the price will likely return in the coming period “, declared for Mediafax, Estinvest SSIF Chief Operating Officer, Marcel Murgoci.

FP sold in June last year, by private placement, a package of 4.99% of shares in Romgaz, resulting from the transaction price with a discount of almost 6% against the previous stock exchange notice. FP attracted 644.6 million lei (198.6 million dollars) from the transaction.

Also, in July last year, the Fund sold through private placement 13.5% of the stakes owned in Transelectrica for 212.7 million lei (48.5 million euros) at a price 8% below the exchange quotation end of the previous meeting notice is published and in August 2014 yielded 23.6% stake in the transport of petroleum products Conpet Ploiesti to 99.8 million lei (22.5 million euros) with a share price discount of 8 % compared to the quotation of the market before the announcement of the sale plan.