IRB Brasil approves capital raise

IRB Brasil approves capital raise

Capital Markets IPO Brazil Latin America

Brazilian reinsurer IRB Brasil Re said on Thursday it approved a capital raise of up to BRL2.3 billion ($428.6 million) through the issuance of new shares, using the proceeds to increase its solvency in the wake of a scandal that wiped out billions of reais in value from the company. IRB Brasil will issuance between 303 million and 331.9 million common shares for private subscription, the reinsurer in a securities filing. Bradesco Seguros and Itaú Seguros are anchor investors and will participat

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