November 26, 2019 / 10:21 AM / 7 months ago

Board of Brazilian retailer Marisa Lojas approves share offering

SAO PAULO, Nov 26 (Reuters) - The board of Brazilian retailer Marisa Lojas SA has approved a share offering of at least 46,875,000 new shares, it said on Tuesday.

The company added it may also offer an additional lot of up to 9,375,000 shares and another supplementary lot of 5,208,333 shares, depending on investor demand.

Considering the closing price of its shares on Monday, Marisa Lojas may raise a total of up to 654.5 million reais ($155.97 million) in the share offering, according to the filing. Proceeds will be used to pay debt and strengthen the company’s working capital. New shares will start trading on Dec. 6. ($1 = 4.1964 reais) (Reporting by Gabriela Mello, editing by Louise Heavens)

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