(Reuters) - Romanian investment fund Fondul Proprietatea has offered to buy back roughly 4.4 percent of its shares at an estimated cost of 441.6 million lei ($133.2 million), it said on Wednesday, boosting its share price.
Fondul, a $4.9 billion investment fund set up by the government to compensate Romanians whose assets were seized under communism, is managed by Franklin Templeton and holds minority stakes in some state-owned companies.
Its shares traded at 0.738 lei ($0.22) by 0945 GMT on the Bucharest Stock Exchange, up 2.1 percent on the day.
The fund said in a statement it has requested approval from the country's Financial Supervisory Authority for the tender, which will be brokered by Banca Comerciala Romana and Wood & Co.
Earlier this year Fondul launched a buy-back programme, with daily purchases of shares from the bourse, in an attempt to lower its share capital and narrow the discount between its net asset value and its stock price. The discount stood at roughly 38 percent at the end of August. ($1 = 3.3153 Romanian lei) (Reporting by Luiza Ilie; Editing by Louise Heavens)