May 30, 2019 / 1:18 PM / in a year

Brazil's CPFL Energia to raise up to $1 bln in share offering

SAO PAULO, May 30 (Reuters) - Brazilian utility CPFL Energia SA launched a share offering in Brazil and in the United States to raise up to $1 billion, according to a securities filing on Thursday.

CPFL Energia, controlled by State Grid Corp of China, said it plans to issue 116.8 million shares in an offering that could raise between 3.4 billion reais and 4.1 billion reais ($850 million-1.03 billion).

The company estimates its shares will be priced on June 12 between 29.30 reais and 35.30 reais.

Investment banking units of Itaú Unibanco Holding SA , Banco Santander Brasil SA, Banco Bradesco SA, Banco BTG Pactual SA and Morgan Stanley will manage the offering.

CPFL said the proceeds will be used to acquire shares in its subsidiary CPFL Energias Renováveis SA for 16.85 reais each.

State Grid is China’s state-owned electric utility.

$1 = 3.9859 reais Reporting by Luciano Costa; Writing by Carolina Mandl; Editing by David Gregorio

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