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Banco Indusval approves 56.1M real capital hike

The board of Banco Indusval SA approved a capital increase worth about 56.1 million Brazilian reais, which will be carried out through the issuance of 16,023,098 common shares.

The measure will be executed through the conversion of 184 financial letters to common shares, which will be issued at a price of 3.50 reais apiece. Financial letters are long-term, fixed-income securities issued by Brazilian financial institutions.

The issuance will be done in two series, with the first tranche to be composed of 7,335,075 shares and the second one comprised of 8,688,023 shares.

Banco Indusval's capital stock will increase to about 1.16 billion reais following the most recently approved increase. The company noted that its level I capital index fell below 9% in November 2019.

In a previous capital hike in May 2019, Banco Indusval said it was aiming to strengthen its balance sheet and the move should help in fulfilling regulatory capital requirements following years of net losses and negative capital ratios.

As of Jan. 3, US$1 was equivalent to 4.04 Brazilian reais.