The Brazilian Banco Pine SA on Dec. 1 said it will sell preferred shares as it seeks to redefine the minimum free float of 25% of its capital stock.

According to a regulatory filing, the bank will sell a minimum of 2,610,615 and a maximum of 6,302,860 preferred shares, corresponding to 2.15% and 5.20% of total shares, respectively, at the minimum price of 3 Brazilian reais per share.

Santander Corretora de Câmbio e Valores Mobiliários SA will coordinate the sale, according to the filing.

As of Dec. 1, US$1 was equivalent to 3.26 Brazilian reais.