Minerva shares slump after follow-on offering

Minerva shares slump after follow-on offering

Equity Capital Markets Brazil

Shares in the Brazilian food company Minerva dropped 8.2% on Friday after the company said it earned BRL1.04 billion ($249 million) from a follow-on equity offering, selling 80 million new shares for BRL13.00 each. The stock opened at BRL13.35, but it fell ended the day at BRL13.10 after Minerva announced the results of the share sale. Last month, when Minerva announced plans to issue new shares, its stock price rose above BRL15.00. Minerva's controlling shareholder VDQ Holdings pocketed BRL195

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