Bradesco Readies Share Placement

Brazil’s Bradesco has approved a plan to issue BRL2bn worth of new shares to existing holders of its preferred and ordinary stock in an effort to boost its liquidity on the Bovespa and the NYSE, it says in a statement. It will issue 312m new shares, half of which will be preferred stock and the other half ordinary shares, to existing holders, whose eligibility dates are yet to be determined, at a ratio of 10 to 1 for both Bovespa-traded shares and ADRS.