The Government-owned Future Fund has sold 113.6 million shares in Telstra (ASX:TLS) at an average price of $2.66 per share.
The fund, which has been set up to cover the cost of future public sector super liabilities, sold the shares between 29 September and 19 October.
Future Fund's holding in Telstra has now fallen to 10% from 10.9%. The Fund said the selling activity averaged less than 14% of the volume of Telstra shares traded over the period, and that it had a long-stated objective of reducing its holding in Telstra.
Telstra today revealed it had borrowed $700 million via a long-term Eurobond issue.
TLS shares are today trading 0.75% lower at $2.630.