Banco Pine SA said shareholders subscribed about 77.0 million Brazilian reais worth of shares in the preemptive rights period for its capital increase, representing approximately 76.90% of the maximum 100.1 million reais approved amount.

During the preemptive rights period that ended Dec. 12, shareholders subscribed 10,399,359 new common shares and 12,658,975 new preferred shares at an issue price of 3.34 reais apiece.

The bank said 6,925,955 preferred shares were not subscribed, but added that the minimum subscription amount of 62.5 million reais was reached. When it announced the hike in October, the company said controlling shareholder Noberto Nogueira Pinheiro would subscribe to 18,712,575 new shares. Banco Pine noted that 21,482 shares were conditionally subscribed.

The subscription period for the remaining shares will run from Dec. 18 to Dec. 20. If unsubscribed shares remain following that three-day period, the bank will cancel them and partially approve the capital hike.

The capital increase, which is subject to central bank approval and will be ratified at a future meeting of Banco Pine shareholders, aims to strengthen the bank's capital structure and solidify its new business strategy, which focuses on accelerating growth in credit assets.

As of Dec. 16, US$1 was equivalent to 4.07 Brazilian reais.