Rio Grande do Sul calls off Banrisul share sale

Rio Grande do Sul calls off Banrisul share sale

Equity Capital Markets Economy & Policy Rule 476 Brazil

Brazil's Banrisul said the Rio Grande do Sul state government has called off a follow-on offering because the proposed price per share did not meet requirements. "The state... decided that the price per share does not reflect its best interest to continue the offering," Banrisul said in a securities filing on Thursday. The bank had said on Wednesday that the state government had reduced the number of common shares in the offering to 71.4m shares from 96.3m shares, signalling that demand was lowe

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