Romania Sells Minority Stake in Nuclear Utility at IMF's Request

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Bloomberg Businessweek

Romania sold a minority stake in nuclear power generator Nuclearelectrica SA, its first initial public offering in five years, to meet one of the terms of its International Monetary Fund loan.

The sale raised about 282 million ($85 million) lei for 25.4 million shares through the Bucharest Stock Exchange. Minority shareholder Fondul Proprietatea SA spent another 30.6 million lei to avoid dilution of its stake through a capital increase, Rares Nilas, general manager at brokerage BT Securities SA, told reporters in Bucharest today. The shares went for 11.2 lei each for institutions that made up the bulk of the buyers, said Nilas, whose company was one of the offering’s managers.

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