The deal through which the government will try to sell on the stock market a block of 15% of "Transelectrica" (symbol: TEL) is scheduled to begin in mid March, and will have a subscription period of 10 working days, the representatives of the company and of the union that intermediates the partnership said yesterday, in a conference.
Even though in November 2011, the Government, through the Office For The State's Interests and Industrial Privatization (OPSPI) wasn't too willing to offer a discount on the stock of the companies which are up for privatization, the representatives of the union which will intermediate the offer of "Transelectrica" said that it was eventually decided to grant a discount, the size of which is yet unknown. The prospectus will be published in the beginning of March and will include the price and the price discovery mechanism, as well as the precise subscription period.
Dan Weiler, Executive Director of "Corporate Finance and Investment Banking" at BCR, said that the first road-show, for promoting the offer of "Transelectrica", was held on Monday at the headquarters of the Bucharest Stock Exchange, and was attended by retail as well as institutional investors: "We had talks with the representatives of the SIFs, and of investment funds, which expressed their interest in the offer of "Transelectrica". He said that the next meetings will take place in London (2-3 weeks from now) and in two or three more European cities.
Dan Weiler also said that given the small size of the deal, it will not target USA investors.
On October 12th, 2011, the consortium made up of the "Romanian Commercial Bank" (BCR), "SSIF Intercapital Invest" and "Swiss Capital" was appointed as the winner of the call for tenders for intermediating the secondary public offering for the sale of 10.99 million shares in "Transelectrica".
The Romanian gov