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Itaúsa to raise capital with private subscription of shares

The board of Itaúsa - Investimentos Itaú SA has approved an increase in the company's capital stock worth 1.37 billion Brazilian reais.

The capital hike will be implemented through the issuance of 175,641,026 new book entry shares with no par value, composed of 66,355,919 common and 109,285,170 preferred shares. The shares will be up for private subscription from Feb. 28 to March 29, at a unit price of 7.80 reais.

Shareholders may exercise their pre-emptive right to subscribe in the proportion of 2.3501435% to the shares of the same type they hold as of Feb. 22.

After the increase, the company's stock will amount to about 37.15 billion reais.

Itaúsa said it will channel the capital increase to maintain an adequate level of liquidity and provide additional working capital support.

As of Feb. 19, US$1 was equivalent to 3.23 Brazilian reais.