SAO PAULO, Dec 7 (Reuters) - Brasil Pharma SA, the Brazilian drugstore chain backed by embattled investment bank Grupo BTG Pactual SA, is going ahead with a plan to raise as much as 600 million reais ($160 million) from investors, the company told Reuters on Monday.
In a statement, BR Pharma, as the company is commonly known, said that it “is sticking to the planned offering and is currently working on it,” declining to elaborate.
The capital plan, which set a floor of 400 million reais, could be launched formally as early as this week, when executives at São Paulo-based BR Pharma will meet investors in so-called road show meetings, according to a source who requested anonymity since the plan remains private.
($1 = 3.769082 Brazilian reais)
Reporting by Tatiana Bautzer and Paula Arend Laier; Editing by Guillermo Parra-Bernal and Tom Brown