With the approval of Eletrobras’ capitalization by the Federal Audit Court (TCU) last Wednesday (18), the government’s expectation is that BRL 67 billion .
This will be the second largest capitalization process on the Brazilian stock market since 2010, the year in which Petrobras took place.
The dilution of the shares should reduce the participation of the Union from 72.2% to 45% of the company’s capital.
If the number is not reached in the primary offering of shares made by Eletrobras, the government will initiate a secondary offering, selling the shares that are in the BNDES portfolio. But the expectation is that the dilution will be concluded with the interest of investors at the very first moment, explains the Economics analyst at CNN Thais Heredia.
In addition to capitalization, the TCU also authorized that workers from any sector who have funds in the FGTS (Guarantee Fund for Time of Service) may use up to 50% of the fund to buy company shares.
The mechanism used for this process is the Mutual Privatization Fund, created in 2000, and already used in other cases, such as at Vale and Petrobras.
Source: CNN Brasil