IRB-Brasil Resseguros SA said it approved a 3-for-1 stock split that will increase the company's common share count to 936,000,000 from 312,000,000.
The Brazilian reinsurer's shares will be traded "ex-split" as of Sept. 26, while new shares resulting from the split will be credited to shareholders on Sept. 30.
The new shares will carry the same rights as existing common shares, including for any dividends and interest IRB-Brasil pays.
The stock split follows a secondary offering in July in which Banco do Brasil SA and Brazil's federal government sold a total of 83,978,450 IRB-Brasil shares.
