Eletrobras unveils massive share sale

Eletrobras unveils massive share sale

Equity Capital Markets Corporate & Sovereign Strategy Energy Electricity Regulation Economy & Policy Brazil

Brazil's Eletrobras said it will discuss selling up to BRL9.99bn ($2.41bn) in new shares at an extraordinary shareholders meeting on November 14. The federal government, which holds 41% of the power company's common shares, will subscribe to at least BRL4.05bn in shares through the capitalization of advances for future capital increases, Eletrobras said in a securities filing. Advances for future capital increases, known as AFACs in Brazil, permit the government to turn loans into equity in a st

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