Pine Gets Shareholder Boost

Brazil’s Banco Pine is set to receive as much as BRL156m ($77m) in new equity capital from through a rights offering and the private sale of new shares, it says. The lender’s controllers plan to subscribe 6.6m common shares and 0.5m preferred shares in the rights offering, for a total of BRL100.8m. Germany’s DEG, a minority holder, plans to buy 2.1m preferred shares for BRL30m, on the same terms. Also, French development lender Proparco plans to buy a EUR10m ($12.4m) stake on the same terms as the rights offering. Pine plans to use the proceeds for expanding its operations. Preemptive rights are assured to Pine’s other shareholders.