Eircom's employee share ownership trust says it has sold more than 30.7 million Eircom shares, representing just over 4% of the company.
The shares were sold at a price of €1.655, raising just over €50.8m and reducing the employees' stake to 24.7%.
Earlier this week, financier George Soros cut his stake in Eircom by selling more than 14 million shares in the company.
Soros was part of the consortium which took Eircom private in 2001 before it floated again in March.
