February 26, 2019 / 11:41 PM / 7 months ago

UPDATE 1-Brazil reinsurer IRB prices follow-on offer at 91 reais/shr -sources

(Adds details on share offering)

By Carolina Mandl and Tatiana Bautzer

SAO PAULO, Feb 26 (Reuters) - Brazilian reinsurer IRB Brasil Resseguros has priced its follow-on offering at 91 reais ($24.28) per share, three sources with knowledge of the matter told Reuters on Tuesday.

A government fund managed by state bank Caixa Economica Federal is selling its 8.9 percent stake in the company via the offering.

The offering was set at a small discount to the closing market price, as demand for shares was high, also attracting interest from foreign investors. IRB shares closed at 93.5 reais on Tuesday.

Caixa Economica Federal, Banco do Brasil SA and the investment banking units of Banco Bradesco SA, Itaú Unibanco Holding SA and Bank of America Corp managed the offering.

IRB is the first divestiture led by Caixa since Chief Executive Pedro Guimaraes took the helm at the state bank last month. Reuters reported earlier on Tuesday that the bank also intends to sell its 2.3 percent stake in Petroleo Brasileiro SA .

Earlier this year, Guimaraes said Caixa is likely to pursue listings for at least four of its units: asset management, credit cards, insurance and lottery. ($1 = 3.7487 Brazilian reais) (Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Lisa Shumaker)

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