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UPDATE 1-Investor calls on Ensco Rowan to sell debt to fund $2.5 bln dividend

(Adds details on Luminus stake, share movement)

June 12 (Reuters) - Ensco Rowan's investor Luminus Management on Wednesday urged the deep-sea oil driller to sell guaranteed bonds to fund a special dividend of $2.5 billion, sending the company's shares down nearly 7% to their lowest in more than two decades.

The investor in a letter to the company's board said it was disappointed by the stock's performance despite the acquisition of smaller rival Rowan Cos Plc for $2.38 billion in April.

A commitment to pay out the dividend should lead to an immediate re-rating of the stock, according to Luminus, which said it owns a 4.5% stake in the London-based company.

Ensco Rowan's shares have lost more than half their value since the merger closed on April 11. They were down at $7.07 in morning trade, giving the company a market capitalization of about $1.40 billion.

The offshore driller was worth $332.96 per share at its peak in 2008.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber and Sriraj Kalluivla)