Brazil's BR Pharma to raise fresh capital as BTG Pactual mulls exit
SAO PAULO Jan 20 (Reuters) - Brasil Pharma SA, Brazil's fourth-largest drugstore chain, plans to raise a minimum 400 million reais ($98 million) from investors as controlling shareholder Grupo BTG Pactual SA considers exiting the company.
In a Wednesday securities filing, the company known as BR Pharma said the offering of up to 211.6 million shares will be a restricted-effort placement, with pricing slated for Jan. 29. BTG Pactual could either sell its stake in the drugstore chain or accelerate the divestment of some of BR Pharma's chains, the filing added.
Public offerings with restricted efforts differ from standard equity offerings in that a company does not have to request registration of the plan with securities industry watchdog CVM, only qualified investors can participate, and the deals cannot be marketed through road shows or the media. (Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Chizu Nomiyama)
© Thomson Reuters 2016 All rights reserved.