Erste Foundation, the biggest Erste Bank shareholder sold 14 mil. Erste Bank shares at 16.80 EUR on Monday via book building. Erste Foundation said the book was covered within few hours. Share sale, which equate to 3.55% of Erste’s share capital, reduces foundation’s stake in the bank to 20.2%. Foundation raised approximately 235 mil. EUR in the sale. Money raised allows repayment of foundation’s liabilities to "full extent” according to the official statement. The Erste oesterreichische Spar-Casse Privatstiftung, or Erste Foundation, has sold the shares in Erste Group Bank to international and Austrian institutional investors, Erste Group Bank said Monday. With this transaction Erste Foundation has concluded a share sale program which its board decided upon in the spring of 2012. The proceeds from the transaction cover the planned repayment of Erste foundation's liabilities. According to Erste Foundation, it is not planning further share sales.