Lupatech Readies Share Auction

Lupatech is preparing to sell up to BRL439m ($217m) in new shares, as part of a BRL700m capitalization plan agreed earlier this year, it says, and will set a date for a public auction as soon as it receives regulatory approval. The maker of parts for the oil industry is offering 109.8m shares at BRL4.00 each, a price agreed in April by its major shareholders. Shareholders BNDESPar and Petros are obliged to subscribe BRL184m, as well as pick up any additional unsold shares in the auction in order to achieve a minimum BRL300m size. Banco Votorantim is managing the process.