The Austrian government’s holding company OIAG has raised EUR1.1 billion through the placement of 17% of Telekom Austria’s shares. The 85 million shares were placed at EUR13.05 and closed up 3.7% at EUR13.35. The deal has seen OIAG’s stake in Telekom Austria reduced to around 30%. The state holding company had been expected to place some of the telco’s stock but has been waiting for the right time. Telekom, which is Austria’s largest fixed line and mobile operator, had seen its share price rocket and then tumble earlier this year when a proposed takeover by Swisscom collapsed, but the company’s stock has since rebounded on the back of positive operational results. Telekom had almost three million fixed lines in service by the end of September, while its cellular subsidiary Mobilkom had 3.19 million subscribers.