October 16, 2019
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
Brazil's state-owned power company could raise up to $2.4bn in a follow-on offering as the federal government turns advances into equity