Renova registers secondary offering
Brazilian independent renewables company Renova has registered at the country's Securities and Exchange Commission (CVM) for permission to make a secondary public offering estimated initially at R$1.15bn ($482m) in shares in Brazil and abroad.
In the US the ADRs will be directed to institutional investors only, the company said in a statement.
The shares that will be sold are owned by Banco Santander Brasil, and equity funds InfraBrasil and Fundo de Investimento em Participações Caixa Ambiental (FIP Caixa Ambiental), who will receive the proceeds from the sale.
Details and dates of the public offering will be made available when the prospectus is published. The amount of shares to be sold could be raised by up to 15%.
InfraBrasil holds 15.2% and FIP Caixa Ambiental owns 7.1% of Renova's total capital.
This public offering is not directly related to current negotiations involving Cemig's acquisition of new shares to increase its stake in Renova.