Z Energy's two major shareholders have turned a tidy profit from selling their shares in the petrol retailer.
Utilities investor Infratil and the New Zealand Superannuation Fund have together sold nearly a third of the shares in Z Energyfor more than $710 million.
The Super Fund halved its holding to 10 percent and Infratil sold its entire 20 percent stake.
Infratil and the Super Fund set up Z Energy in 2010 when they bought the Shell Oil petrol stations for about $696 million.
In 2013 they sold 60 percent of the firm to investors at $3.50 a share and listed it on the stock exchange.
The companies sold their latest parcel of shares at $6 each - a discount of nearly 10 percent on Z Energy's last traded price - to a range of fund managers and investors.
Infratil has made a net gain of $329 million from the latest sale, which it will use to chase new growth opportunities.
Infratil chief executive Marko Bogoievski will stay on the board of Z Energy.
The Super Fund said it reduced its stake in Z Energy because its holding was too large when compared with its other investments.
The Fund plans to reinvest the proceeds in other shares and bonds in the short term, as it looks for longer term investments.