Lupatech Advances Capital Increase

Shareholders of troubled Brazilian oil services company Lupatech have approved a BRL700m ($363m) capitalization plan, it says. Lupatech is to issue 87.5m-175m shares to raise BRL300m-BRL700m. Brazilian development bank BNDES and Petros, the employee pension fund of Brazil’s oil company Petrobras, in April agreed to put up BRL300m of the total capital sought, with the remainder to come from other shareholders, at BRL4.00 a share. Lupatech shares closed Monday at BRL4.15.