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MeneameBrazilian power group Rede Energia has hired local bank Bradesco to broker its planned initial public offering (IPO), Rede Energia told the São Paulo stock exchange Bovespa.
The company, commonly known as Grupo Rede, wants to sell 35.7 million voting right shares and 143 million non-voting right shares. The shares will be sold in units made up of one voting right share and four non-voting right shares. A total of 35.7 million units will be offered.
The units will be offered separately to institutional investors such as pensions and investment funds as well as non-institutional investors.
The price will be determined through a book building operation. The IPO and sale price will be appraised in a July 7 general shareholders' meeting, the company said.
Grupo Rede controls eight distribution companies and generation units through a company formerly known as Caiuá. The group has been undergoing restructuring in the past two years to improve finances and comply with new power sector legislation.
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