The sale comes after ENRC reviewed and concluded its stake as a non-core asset.
ENRC placed its 51 million shares with institutional investors at ZAR48.25 each. The company acquired its stake in 2010 for $299m.
Northam CEO Paul Dunne said: "We are very pleased to again see the strong institutional support for Northam in a difficult platinum market.
"It is also very positive to see that this support extends to Northam’s BEE transaction."
Northam is preparing to conduct a general meeting of shareholders on 19 March to discuss on plan to 35.4% stake held by South Africans and whether to raise funds for expansion and growth plans.
The black people intend to acquire fund manager Public Investment’s stake in Northam for ZAR2bn ($163.8m), reported Bloomberg.
As per the South African regulations, all mines in the country must be at least 26% owned by black shareholders.
