Eircom staff share scheme ESOP announced today it intends to sell 4.1 per cent of the company's share capital to reduce its holding to 24.7 per cent.
The offer of 30,708,806 shares in Eircom will be handled by investment bank Goldman Sachs.
The sale of the shares was managed by Goldman Sachs and Goodbody Stockbrokers and will have raised around €51 million.
The sale follows billionaire financier Mr George Soros cutting his stake in Eircom on Tuesday, making nearly €24 million for the sale.
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Eircom floated in March after a three-year absence from the stock market. The former state monopoly was taken private in 2001 by a consortium including Mr Soros and Sir Anthony O'Reilly.