January 20, 2021 |
Brazilian oil and gas company PetroRio could move as much as BRL2.17 billion ($405 million) in a follow-on equity offering, raising money to fund investments and pay for possible acquisitions.
PetroRio plans to sell at least 22 million shares in the offering, but it could increase the size of the deal to 29.7 million shares to meet demand, it said in a securities filing on Monday.
Shares in PetroRio rose 0.91% to close at BRL73.50 on Tuesday, making the base offering worth BRL1.61 billion.
Brazilian oil and gas company could raise more than $400 mln for investments and acquisitions