SAO PAULO, June 16 (Reuters) - BR Properties SA, one of Brazil’s largest listed commercial property companies, has filed for permission to raise fresh capital in a domestic equity offering, to refinance existing debt and fund potential acquisitions.
In a securities filing on Friday, BR Properties said it plans to offer about 94.702 million shares in a so-called restricted efforts offering, without elaborating on terms or pricing. The offer could be increased by 15 percent through a so-called supplementary allotment.
Based on Wednesday’s closing price, the company could raise up to 955 million reais ($292 million) in the offering, according to Thomson Reuters calculations.
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 in such offerings, and the deals cannot be marketed through road shows or the media.
$1 = 3.2740 reais Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Bernadette Baum