Solidium, the state investment fund of Finland had announced it would reduce its stake in telecoms operator TeliaSonera. Currently, Solidium holds an 11.7% stake in TeliaSonera. The company said on Wednesday that it would reduce it to 10%. According to a Reuters report, Solidium had opened books for an offering of its 68 million shares of common stock.

Last month, a senior Finnish legislator said the government had planned to trim its stake in TeliaSonera and Sampo, according to a Reuters report. The move was made despite the government's effort to boost its funds.

Solidium is currently the second largest shareholder in TeliaSonera after the Swedish state. The company had been holding a total of 505 million shares. Solidium had hired Deutsche Bank as the lead manager and book runner for the offering. The results of the sale would be announced around Thursday. Sampo and TeliaSonera has around EUR3 billion market value while Solidium had been holding EUR8 billion state fund.