Brazilian Utility Plans Share Offer

Brazilian utility group Rede Energia is planning to raise BRL175.9m through a follow-on equity offering, it says in regulatory documents. Rede plans to offer 19m ordinary shares and 10.2m preferred shares, the leftovers from a rights offering worth BRL602m, most of which went to majority shareholder Empresa Eletrica Vale Paranapanema. It has not set a date for the auction, which is managed by Planner Corretora. Rede ordinary shares closed Friday at BRL6.10 and preferred at BRL6.21.