British hedge fund Oceanwood Capital Management is looking to cut its holding in Spanish Bank Unicaja by selling 117 million shares via an accelerated bookbuilding process, according to a report by Reuters citing information from book runner BOFA Securities.

At Tuesday's closing price, the stake on offer, which equates to 4.4% of the bank's stock, was worth around €124m euros ($136.04m). Oceanwood currently holds a 7.4% stake in Unicaja, which is Spain's fifth largest bank with around €110bn in assets.

In a filing with the Spanish stock market regulator CNMV after the closing bell, BOFA Securities said bookbuilding was starting immediately and may close at short notice, with the pricing to be announced later. The other bookrunner is Citigroup Global Markets.

BOFA said Oceanwood reserved the right to sell fewer shares or no shares at all, and that depending on the outcome, The hedge fund's representative, David Vaamonde Juanatey, would likely resign as a Unicaja director.