Light to Issue Secondary Shares Monday

Shareholders in Brazilian power produce Light are scheduled to sell 26.8m shares July 13. In total, the deal could add up to 34.9m shares, which, at Wednesday’s closing price of BRL27.65, could amount to BRL965m. BNDESPar, the equity investment arm of Brazil’s development bank, is reducing its stake by 13.4m shares to 55.2m, which will be equal to 27.1% of the company, while France’s EDF is divesting its entire 6.6% stake in the company, composed of 13.4m units. BNDESPar could sell an additional hot issue of 2.7m shares, while underwriters will have the option of a greenshoe for 5.4m shares. Citi and Itau BBA are leading the placement.