BUCHAREST, Sept 19 (Reuters) - Romanian investment fund Fondul Proprietatea said on Tuesday it will sell roughly 1.45 billion shares in oil and gas group OMV Petrom, majority controlled by Austria’s OMV in an accelerated bookbuilding process.
The shares account for roughly 2.5 percent of Petrom. Fondul currently holds a 12.6 percent stake in the company, valued at 465 million euros ($557.30 million).
The $2 billion fund, which is managed by global investment manager Franklin Templeton, was set up to compensate Romanians whose assets were seized under communism.
It has been trying to narrow the discount between its share price and its net asset value by buying back its stock, financed by divesting small stakes in listed utilities like gas producer Romgaz. It sold another stake in Petrom in 2015.
Fondul said the process would start immediately, with Goldman Sachs, WOOD & Company and Banca Comerciala Romana acting as joint bookrunners. ($1 = 0.8344 euros) (Reporting by Luiza Ilie)