Eike to Add Cash to OSX

Brazil’s OSX plans to exercise half of a put option with controller Eike Batista, raising $500m by March, it says. The first $250m should be completed by the end of the month. The shipbuilder will issue new shares as part of the increase, done under an agreement dating back to OSX’s 2010 IPO. Batista is to pay the IPO price – BRL32.00 ($15.76) per share after correcting for a post-IPO share split – plus an adjustment for inflation. OSX shares closed at BRL12.95 Wednesday. The remaining $500m under the option has been extended to March of 2014. Batisa had been weighing a plan to delist OSX rather than pay the $1bn in a lump sum. Batista holds a stake of about 78% in OSX.