* Sells 11.9 pct at 6.15 zlotys/shr, no plans to sell more
* Step towards raising $5bln thru privatisations this year
* Tauron shares up 1.3 percent
(Adds details on KGHM, updates shares)
By Patryk Wasilewski
WARSAW, March 23 (Reuters) - Poland sold 11.9 percent of utility Tauron for $449 million, taking a stride towards its target of raising $5 billion through a privatisation programme planned for this year to cut government debt.
Poland's treasury ministry, which oversees state assets, said on Wednesday it would hang on to its remaining 30 percent stake in Tauron Polska Energia SA, the country's No. 2 utility after PGE.
"The Treasury controls 30 percent of the company. If need be it will allow it (Tauron) to increase capital by 20 percent, still allowing the Treasury to maintain at least 25 percent of shares and keep operational control," the ministry's statement read.
The ministry priced the stake at 6.15 zlotys per share, or 1.28 billion Polish zlotys ($448.8 million) in total, confirming what market sources had told Reuters.
"The accelerated book building transaction attracted investors from 16 countries and three continents," the statement added. "30 percent of demand came from international investors and 70 percent from domestic ones."
Europe's No.2 copper producer KGHM, which owned 4.7 percent of Tauron, took part in the offer, increasing its stake to over 5 percent, a source close to transaction said. Another source confirmed the copper group had bought a stake.
KGHM was not immediately available for comment.
The state remains Tauron's largest shareholder and operational control is guaranteed for the government as long as it has at least 25 percent.
Tauron shares gained 1.3 percent to 6.29 zlotys by 1215 GMT on Wednesday, outperforming Warsaw's main index WIG20 which was roughly flat.
The transaction was organised by UBS, Unicredit, Credit Suisse and Banco Espirito Santo as bookrunners. (Editing by Jane Merriman and David Holmes) ($1=2.852 Polish Zloty)