UPDATE 1-Liberbank sells Enagas stake to cut capital shortfall

* Liberbank sells 5 pct stake in Enagas for 182 mln euros

* Bank has 1.2 billion euro capital shortfall

* Could reduce gap by selling stakes in other companies

(Adds details)

MADRID, Oct 4 (Reuters) - Spanish lender Liberbank sold a 5 percent stake in gas distributor Enagas on Thursday, raising 182 million euros ($235 million) to reduce the amount of money it will need from a European bailout fund for the country's banks.

Liberbank failed a so-called "stress test" by consultancy Oliver Wyman, which recently assessed whether Spanish banks had enough capital to cope with adverse economic conditions and identified a total shortfall of 53.9 billion euros.

With stakes in IT firm Indra Sistemas , pulp reducer Ence and builder Grupo Empresarial San Jose (GSJ) , Liberbank may make further sales, banking sources said.

Liberbank's 11.9 million shares in Spain's Enagas were placed by Barclays at 15.3 euros apiece, compared with Wednesday's close of 16.015 euros.

Enagas shares were down 3.4 percent to 15.47 euros at around 1200 GMT.

Liberbank owns 5 percent of Indra, worth about 63 million euros, 6.1 percent of Ence, worth about 29 million euros, and 5.5 percent of GSJ, worth about 5 million euros.

It is currently in merger talks with Ibercaja and Caja 3. Oliver Wyman calculated that together they would need a further 2.1 billion euros of capital to cope with an adverse economic scenario. Liberbank has a shortfall of 1.2 billion euros alone.

Spain's banks have until the end of next week to submit recapitalisation plans to their central bank. Spanish authorities will use the plans to determine how much of a 100-billion-euro European credit line they need to tap.

Economy Secretary Fernando Jimenez Latorre said last week Spain would likely tap around 40 billion euros.

Several other banks also need extra capital.

Banco Popular announced on Monday a 2.5 billion euros capital hike to cover part of its shortfall of 3.2 billion euros, while Banco Mare Nostrum (BMN) said it planned to sell assets for as much as 1 billion euros to reduce a gap of 2.2 billion euros. .

($1 = 0.7751 euros)

(Reporting by Nigel Davies, Jose Elias Rodriguez and Jesus Aguado; Writing by Julien Toyer; Editing by Mark Potter)

((nigel.davies@thomsonreuters.com)(+34 91 585 2158)(Reuters Messaging: nigel.davies.thomsonreuters@reuters.net))