Light Shareholders Eye Big Selldown

The two biggest shareholders of Brazilian power utility Light will look to raise up to BRL1bn in a secondary offering scheduled for the end of the month. BNDESPar, the investment arm of Brazil’s development bank, and France’s EDF, are heard looking to reduce their stakes in Light by 50% and 100%, respectively, say bankers close to the deal. At the end of October 2007, BNDESPar owned 33.7% of Light, while EDF held 6.6%, according to Economatica. With a market cap of BRL4.65bn, a successful execution would lead to over BRL1bn, not including a 15% greenshoe. Citi, Itau BBA and Unibanco have joint books on the offering, for which a series of calls and presentations began on Monday.