Citigroup is the sole bookrunner of €275m ($303.4m) worth of shares in Cosmote Mobile Telecommunications, the Greek telecoms firm, the equivalent of approximately nine months' trading volume.

The bank is selling approximately 29.7 million Cosmote shares for Telenor, the Norwegian telecoms group. The shares represent 179 days' average trading volume and a mammoth 56% of the company's free float. The sale will increase Cosmote's free float from 16% to 25%. Cosmote shares fell 4.3% on Tuesday to €9.32 on news of the sale.