According to market sources, in today's meeting, the government will decide on the price at which the 15% stake in "Transelectrica" (symbol: TEL), will be sold.

The final prospectus will include a minimum and maximum price, which will be set by the Government.

At the end of the trading session, yesterday, the price of a TEL share was 17.06 lei, which means the 15% stake in the company was worth 187.58 million lei.

The intermediaries of the offering, which have met the foreign investors, in a "road-show" in Europe, will try to obtain the discount requested by investors.

Domestic and foreign investors alike claim that in order for the offering of "Transelectrica" to be successful, the government needs to grant a discount of at least 10%.

Some of the experts of the capital market feel that, if the state won't agree to offer a discount, the offering might be unsuccessful, which would represent a disaster for the stock market.

Through the agreement with the IMF, the government has pledged to sell, through the "Office For The State's Interests and Industrial Privatization" (OPSPI), 10-15% stakes in the companies owned by the Ministry of the Economy.

The first sale offering, which is part of this agreement, is the one conducted by the "Transelectrica" Romanian National Power Grid Company (symbol: TEL).

The Romanian government currently owns 73.6% of the shares of the company, the Proprietatea Fund owns 13.4%, and the free-float is 12.8%.

On October 12th, the consortium consisting of the Romanian Commercial Bank (BCR), "SSIF Intercapital Invest" and "Swiss Capital" was appointed as the winner of the auction for intermediating the offering of 10.99 million shares of "Transelectrica".

An alternative for the sale of the 15% stake in TEL could be the "openbook" method, namely, allowing subscriptions to be conducted thro