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PRAGUE, April 23 (Reuters) - The board of CEZ , central Europe's largest power firm, is proposing to buy back 10 percent of the firm's shares to cut capital and meet option scheme requirements, documents at a shareholders meeting on Monday showed.
The documents, obtained by Reuters ahead of the meeting, showed the board was proposing to buy back 59.22 million shares in a range of 300 to 2,000 crowns per share within the next 18 months.
The proposal is in line with market expectations. The government earlier announced it would sell around 7 percent in CEZ, to raise funds to fill a hole in the budget.
The state holds 67.6 percent in CEZ and the company has long said it would seek to mop up any flood of shares on the market.