Steelmaker Defines FO

Colombia’s Acerias Paz del Rio should raise COP271bn ($155m) from its equity follow-on, after setting a COP30.00 share price for the 9.05bn shares on offer, it says. The steelmaker controlled by Brazil’s Grupo Votorantim is expected to formally launch the deal as soon as today. Most of the shares are expected to be bought by existing holders exercising their rights, with the remainder going to the open market. Proceeds are marked for repaying debt. Corredores Asociados is managing the sale. Votorantim owns 72% of Paz del Rio.