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Brazilian state postpones Banrisul stake sale

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Brazilian state postpones Banrisul stake sale

The government of Rio Grande do Sul has postponed a planned offering of Banco do Estado do Rio Grande do Sul SA shares, citing current market conditions.

"The intention of completion of the offer remains in progress and the conditions of the financial and capital markets for the final execution of the offer will continue to be observed," Banrisul said in a Dec. 6 filing.

Rio Grande do Sul state Vice Governor José Paulo Cairoli previously had said that the share sale would be completed by Dec. 14.

The vice governor also noted that a controlling stake in Banrisul is not for sale. According to Diário Comércio Indústria & Serviços, the transaction would involve the sale of about 49% of the bank's voting capital.

Rio Grande do Sul currently has about 204.2 million common shares of the bank, or 99.58% of its voting capital. It also holds 28.8 million preferred shares, equivalent to 14.2% of the total capital.