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.