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SAO PAULO, May 12 (Reuters) - Brazilian electric utility Eneva SA said it would undergo a capital increase of up to 1.5 billion reais ($678.7 million) according to a securities filing on Monday, part of its efforts to reduce a heavy debt load.
Eneva, formerly known as MPX Energia SA, is jointly controlled by E.ON SE, Germany's largest utility, and Brazilian investor Eike Batista.
The first phase of the transaction will involve a capital increase of up to 316.5 million reais, the filing said, with E.ON subscribing to 120 million reais worth of new Eneva shares, priced at 1.27 reais per share.
The second phase includes a capital increase of up to 1.5 billion reais, minus the amount raised in the first phase, at a share price that has yet to be determined. In that round, E.ON will subscribe to up to 450 million reais of new shares, the filing said.
Under the terms of the deal, E.ON's total ownership of Eneva shall not surpass 49.9 percent, the filing added.
$1 = 2.21 Brazilian reais Reporting by Marcela Ayres and Asher Levine; Editing by Sofina Mirza-Reid