BTG expected to raise R$2bn through share offering

BTG announced that it will make aa offering of 22 million shares. Considering Wednesday’s price – R$91.26 –, the bank would raise R$2 billion. The offering will be primary, which means the company will take the proceeds. There is yet the possibility of an additional lot of 25%, or 5.5 million shares, with restricted placement, which means it would be focused on up to 75 institutional investors. BTG intends to use the proceeds in day-to-day operations, to speed up strategic efforts and the growth of the digital retail business and to keep strong capital and liquidity indicators. Share pricing is expected to be unveiled Wednesday. The transaction is coordinated by BTG, Bradesco BBI, Itaú BBA, Morgan Stanley and Santander Brasil.

Source: Valor International