BNDES Galvanizes Magnesita Share Sale

Brazil’s Magnesita Refratarios plans to raise BRL350m by offering 44.9m shares. Existing shareholders will be able to purchase the stock in amounts proportional to their holdings starting today through September 16. BNDESPar, the equity investor arm of Brazilian development bank BNDES and a Magnesita shareholder, plans to acquire a minimum of BRL55.9m in new shares, and could buy up to BRL245m if minority shareholders fail to exercise their full allotments. Magnesita plans to offer shares at BRL7.80 per share, the average price for the last 90 days. Shares closed Monday at BRL10.68.