Eletrobras reported on Tuesday night (3) that its board of directors approved a share buyback program that may involve the acquisition of up to 202,111,946 common shares and up to 27,552,681 preferred B shares.
The maximum volumes of the program represent 10% of the total outstanding shares of each class and type, Eletrobras said.
The maximum period for settlement of operations with shares issued by the company under the repurchase plan is up to 18 months, ending on July 2, 2024.
In a statement, the electricity company stated that its objective with the repurchase is to “increase shareholder value through the efficient application of available cash resources”, optimizing its capital allocation.
The company may use treasury shares to meet compensation plans based on stock options. It may also make use of them to settle obligations arising from liabilities related to lawsuits that discuss the difference in monetary restatement of Compulsory Energy Loan credits or the constitutionality of the tax.
Source: CNN Brasil
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