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Enel completes $3B capital increase for Chilean subsidiary

Enel SpA has completed the capital increase of its Chilean subsidiary Enel Américas SA for about $3 billion.

The capital raise was offered in preemption to its shareholders and had been approved in an Enel Américas shareholders' meeting on April 30, according to a Sept. 3 release.

Taking into account the newly issued shares subscribed during the first and the second preemptive offering period, the total capital increase has been subscribed at 99.49%.

During the second period of the offer, which ran Aug. 6-29, shareholders who subscribed the capital increase during the first period of the offer have subscribed approximately 80.96%, or 408,826,391 of the remaining 504,945,557 newly issued shares. For the second period, Enel subscribed about 294,771,295 new shares for approximately $47.7 million, which increases the total commitment to about $1.77 billion.

Under the resolution passed during the shareholders meeting, the Enel Américas board has the right to offer a further 96,119,166 shares, which remained unsubscribed during the second period of the offer, on the Chilean stock exchange.

Following the capital raise, Enel increased its shareholding in Enel Américas to 57.19% from 56.8%.