June 29, 2020 / 10:15 PM / 7 days ago

UPDATE 2-Brazil's BTG Pactual raises $490 mln in follow-on offering

(Recasts with company announcement)

SAO PAULO, June 29 (Reuters) - Brazilian investment bank Banco BTG Pactual SA has set the price per unit in a share offering at 74.40 reais, to raise 2.65 billion reais ($490.43 million), the bank said in a filing late on Monday.

The bank plans to invest the funds in its newly launched retail banking unit, which mainly competes with digital brokers such as XP Inc.

The announcement confirms a Reuters report on the offering published ahead of BTG’s announcement.

BTG units closed Monday at 76 reais, implying a 2.1% discount for the follow-on offering. Each unit comprises one common share and two preferred shares.

BTG, Bradesco BBI SA, Itau BBA SA and Banco Santander Brasil SA managed the offering. ($1 = 5.4034 reais) (Reporting by Tatiana Bautzer and Carolina Mandl; Editing by Tom Brown and Christopher Cushing)

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