Forex Votorantim.
Apr 4, 2022 at 10:39 am GMT.
SAO PAULO, April 4 (Reuters) - Brazilian aluminum producer Companhia Brasileira de Aluminio (CBA) CBAV3.SA said late on Sunday its controlling shareholder, conglomerate Votorantim SA, will conduct a follow-on offering to sell 34 million shares in the company.
The firm had announced last week it was mulling the secondary offering to improve the liquidity of CBA's shares. The move would also be in line with Votorantim's strategy of diversifying its portfolio.
The conglomerate owns a 75.9% stake in CBA, according to Refinitiv Eikon data.
CBA said the offering could be increased by up to 85%, or 28.9 million shares, if demand allows it. It will also include a greenshoe option of up to 5.1 million shares for price-stabilization.
Considering the closing price of 19.93 reais per share in CBA on Friday, 1.35 billion reais ($289.81 million) would be raised if all the additional shares and greenshoe are sold, CBA said.
The offering is set to be priced on Apr. 6.
Investment banks BTG Pactual, Bank of America, Bradesco BBI, UBS BB, Citigroup Brasil, Itau BBA and JPMorgan will manage the offering.
($1 = 4.6582 reais) Reporting by Gabriel Araujo Editing by Bernadette Baum.
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