Norwegian telecommunications company Telenor Group announced that the company secured around $213 million in a stock offering.

Telenor said that it secured the proceeds through the sale of its shares in its Amsterdam-based telecommunication services subsidiary, Veon.

The company had priced its offering of 100 million common shares of Veon in the form of American Depositary Shares (ADS) at a public offering price of $2.16 per ADS.

With the latest transaction, which represents 5.7 percent of its stake, Telenor still owns 9 percent of Veon. U.S. financial services firms J.P. Morgan and Citigroup were joint global coordinators and bookrunners for the deal.