3R misses mark in share sale

3R misses mark in share sale

Corporate & Sovereign Strategy Equity Brazil Capital Markets Oil

Brazilian oil and gas company 3R Petroleum said it sold 34.2 million shares for BRL836 million ($166 million), just short of the 36.8 million short of 36.8 million shares on offer. 3R priced the shares at BRL24.45 and could offload the remaining shares by the end of the month, it said in a securities filing on Wednesday. "They are seeking capital to invest in expansion projects," said Pedro Galdi, an investment analyst at Mirae Asset Management. 3R said in April that it could raise up to BRL900

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