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Banrisul looks to create program for offering of 'unit shares'

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Banrisul looks to create program for offering of 'unit shares'

Banco do Estado do Rio Grande do Sul SA, or Banrisul, plans to create a program to issue so-called unit shares, which will be composed of the bank's class B preferred shares and common shares.

The company said in a filing it received approval from the reform body of the state of Rio Grande do Sul, or CODPRE, to hold an extraordinary shareholders' meeting that will allow the creation of the program.

The program formation is subject to completion of Banrisul's public offering of common shares as well as the approvals of relevant authorities.

Banrisul looks to issue 96,323,426 common shares owned by its controlling shareholder, the state of Rio Grande do Sul, in the follow-on offering.