MADRID, Dec 13 (Reuters) - Holding company CriteriaCaixa said on Tuesday it was selling stock in Caixabank equivalent to 1.7 percent of the Spanish bank’s share capital, and worth 327 million euros ($348 million) at current market prices.
The sale will be carried out through an accelerated market placement, which will likely be priced by Wednesday. JP Morgan and Morgan Stanley are handling the placement, CriteriaCaixa said in a statement.
CriteriaCaixa has a 46.9 percent stake in Caixabank and has been trimming its holding to avoid stricter banking regulations. It aims to bring it down to 40 percent by the end of 2017.
Criteria also holds shares in other Spanish companies such as Abertis and Gas Natural. ($1 = 0.9401 euros) (Reporting by Sarah White and Jesus Aguado, Editing by Emma Pinedo)