The European Bank for Reconstruction and Development (EBRD), after the June 26 trading session, launched an accelerated book-building (ABB) procedure to sell 1.7% of Romania’s leading lender Banca Transilvania (BVB: TLV) at a price nearly 9% below the closing price. The demand from institutional investors, including the local pension funds, was robust, according to Ziarul Financiar.

The EBRD thus put up for sale 13.7 million shares of Banca Transilvania at the price of RON 30 per share, resulting in a deal of RON 410 million (EUR 82 million). 

The sale is being conducted through Citi and Wood & Co Financial Services.

At the end of March, the EBRD held 6.87% of Banca Transilvania, namely 54 million shares valued at RON 1.6 billion (EUR 320 million). 

The ABB deal comes on the day of the payment of the gross dividend of RON 1.252 per share, which EBRD will collect, having been registered at the Central Depository on the registration date of June 12.

Banca Transilvania has a market capitalisation of RON 26.3 billion (EUR 5.3 billion) after the price of its shares rose by 92.7% y/y – compared to a 52% y/y advance of the blue chips’ index BET.

iulian@romania-insider.com

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