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Brazil's Eletrobras preselects banks for follow-on share offering

Published 10/29/2021, 09:58 PM
Updated 10/29/2021, 10:00 PM
© Reuters. FILE PHOTO: Power lines connecting pylons of high-tension electricity are seen during sunrise near Brasilia, Brazil August 29, 2018. REUTERS/Ueslei Marcelino/File Photo

© Reuters. FILE PHOTO: Power lines connecting pylons of high-tension electricity are seen during sunrise near Brasilia, Brazil August 29, 2018. REUTERS/Ueslei Marcelino/File Photo

SAO PAULO (Reuters) - Brazilian state-run power company Eletrobras has preselected Bank of America (NYSE:BAC), BTG Pactual, Goldman Sachs (NYSE:GS), Itau BBA and XP (NASDAQ:XP) Investimentos as lead managers of a follow-on share offering, a securities filing showed on Thursday.

The share offering is expected to dilute the state's stake in Eletrobras to at least 45%. The government hopes to raise 50 billion reais ($8.86 billion) with the transaction, which should happen in early 2022.

Centrais Eletricas Brasileiras SA, as the company is formally known, said the hiring process is ongoing and final approval is pending.

© Reuters. FILE PHOTO: Power lines connecting pylons of high-tension electricity are seen during sunrise near Brasilia, Brazil August 29, 2018. REUTERS/Ueslei Marcelino/File Photo

On Friday, the company said it has preselected the banks to be bookrunners for the share offering: Bradesco BBI, Caixa Economica Federal, Citi, Credit Suisse (SIX:CSGN), JP Morgan, Morgan Stanley (NYSE:MS) and Safra.

($1 = 5.6459 reais)

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