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Romanian capital market has resources for larger transactions

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The public offer for Transgaz, by which the state has attracted over 72 million euros (315 million lei) is the largest transaction in the capital market in the last years and it proves the Romanian capital market has resources for larger transactions too, said the Bucharest Stock Exchange (BVB) president Lucian Anghel on Friday.

'This is an excellent moment that will spur the private companies into stepping up efforts and raising money from the capital market', Anghel said at the BVB headquarters.

Transgaz stocks in the secondary public offer are being traded on the BVB from Friday.

The secondary public offer for the sale of a 15 percent stake in the national gas transport company was conducted over April 4-16 and it was over-underwritten. Transgaz stocks have been traded in the regulated market managed by the BVB since Jan. 24, 2008.

The tender price by share stood at 179 lei for the institutional investors and for the large underwriting and it amounted to 170.05 lei for low underwriting, i.e. for those investors who underwrote in the first three weekdays of the offer and 173.63 lei for those investors having underwritten starting the fourth weekday of the offer.

Transgaz offer was 347 percent over-underwritten for the small retailers bracket and 257 percent over-underwritten for the big investors. The state attracted a total 315 million lei (72 million euros).

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