Brazil's Light weighing up public share offering
Brazilian electric power utility Light announced it will hold an extraordinary general meeting on November 22 to approve a possible primary public offering of shares.
The firm recently received from BB-Banco de Investimento, BV Financeira and Banco Santander notice that they would exercise the right to sell all their shares in Light, which will result in the extinction of the company's control block.
Therefore, the realization of the offer, together with the extinction of the firm's current control block will disperse the ownership of Light's corporate capital, without any shareholder owning more than 50% of the company's capital and thus having no controlling shareholder.
The public offering will be carried out in Brazil and abroad among qualified institutional investors in the US. Light previously already reached a non-binding agreement with GP Investments, which may acquire an equity stake in the firm.
Light is Rio de Janeiro's state largest power distribution concessionaire, providing electricity to around 4mn consumers.
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