By Gustav Sandstrom 
 

Danish philanthropic association Realdania said Tuesday it is launching an accelerated bookbuilding process to sell around 52 million shares in Denmark's biggest bank, Danske Bank A/S (DANSKE.KO), corresponding to around 5.1% of the bank's issued shares.

Realdania, which currently owns 10.07% of Danske Bank's shares, has been a shareholder since 2000. The Danske Bank stake makes up more than 40% of its assets, so the association wants to sell and reinvest part of that holding in order to achieve a more balanced investment portfolio, it said.

The association supports Danske Bank's strategy and will remain "a supportive shareholder" with its remaining stake, it added.

Realdania expects the bookbuilding process to close on or around Wednesday, it said. J.P. Morgan and Citi are acting as bookrunners on the transaction.

There are around 1.01 billion issued shares in Danske Bank. The 52 million shares which Realdania is selling make up around 5.1% of that.

Shares in Danske Bank closed Tuesday at DKK111.30.

Write to Gustav Sandstrom at gustav.sandstrom@dowjones.com