A unit of private equity firm CVC Capital Partners has raised 3.67 trillion rupiah ($292.94 million) by selling an 8 percent stake in Indonesia's Matahari Department Store Tbk, IFR reported on Monday.

CVC sold 238.6 million Matahari shares at 15,400 rupiah each in a block trade, reported IFR, a Thomson Reuters publication.

Matahari shares fell as much as 4.2 percent to 15,525 rupiah on Monday, underperforming the broader Jakarta stock exchange which declined 1.9 percent.

CVC declined to comment.