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Banco Pan raises 1.04B reais with preferred share offering

Banco Pan SA priced its preferred shares at 8.25 Brazilian reais each, raising about 1.04 billion reais in a follow-on share offering on Sept. 19, according to a company filing.

The bank issued 63,250,000 new preferred shares, corresponding to a capital increase of about 521.8 million reais.

Following the offers, Banco Pan's capital will be worth about 4.18 billion reais, split between 657,560,635 common shares and 547,495,486 preferred shares.

The proceeds were split equally between Banco Pan and shareholder Caixa Econômica Federal, Reuters reported three sources as saying.

As of Sept. 19, US$1 was equivalent to 4.14 Brazilian reais.