September 19, 2019
Brazil's Banrisul said the Rio Grande do Sul state government has decided to sell 71.4m shares in the state-run bank in a follow-on offering.
The bank had said earlier this month that the state government intended to sell 96.3m common shares in the offering. The state still has the right to increase the offering by 35%, or 25m shares, and bring the deal back to the original amount, Banrisul said in a securities filing.
Shares in Banrisul jumped 7.37% after the announcement to close at BRL23.60
Rio Grande do Sul state government cuts the follow-on offering by 25% to 71m shares