MILAN (Reuters) – Private equity fund L Catterton and the Ontario Teachers’ Pension Plan (OTPP) said they had completed the sale of an around 5.7% stake in Italian cosmetics manufacturer Intercos at a price of 13.25 euros ($14.36) per share.

The price represents a 6.8% discount to Tuesday’s closing value of 14.15 euros per share.

Shares in Intercos fell as much as 6% to 13.30 euros on Wednesday.

The sale took place through an accelerated bookbuilding procedure managed by Jefferies and UBS, while Rothschild & Co acted as financial adviser to the sellers.

Gross proceeds from the placement totalled about 73 million euros. The deal will settle on March 31.

L Catterton and OTPP will come to hold, respectively, 13.3% and 10% of Intercos, as a result of the deal.

Intercos started trading in Milan in November 2021, after listing its shares at a price of 12.50 euros each.

Intercos is controlled by founder Dario Gianandrea Ferrari through a 40.5% stake. ($1 = 0.9228 euros)

(Reporting by Alessandro Parodi and Federico Maccioni, editing by Cristina Carlevaro and Valentina Za)