Rede Ties up Follow-on

Brazilian utility group Rede Energia has completed a BRL175.8m follow-on offering of primary shares left over from last year’s private rights offering, according to the CVM. Rede sold 19.0m ordinary shares and 10.2m preferred shares, at the previously announced price of BRL6.02 each. Each class is relatively illiquid in the markets, with the preferreds last trading Feb 11 at BRL5.88, and the ordinary shares trading Feb 3 at BRL4.25. The shares are left over from a private rights offering in August and September, most of which went to majority shareholder Empresa Eletrica Vale Paranapanema. Planner Corretora managed the process.