September 23, 2019
Brazil's Banco Pan said it has raised BRL1.04bn ($250m) from a follow-on offering after selling preferred shares below the market price at BRL8.25 each.
The bank itself issued 63.3m shares in the offering, while Caixapar, the private equity division of the state-owned lender Caixa Econômica Federal, sold another 63.3m shares, Banco Pan said in a securities filing. The bank used its share of the proceeds to to increase capital by BRL522m.
Shares in Banco Pan sank 6.56% to BRL8.41 on Friday, the f
Brazilian lender earns $250m in a follow-on offering below the current stock price