THE electrobras announced on Thursday night (9th) that it had priced at R$42 the price per share in the primary and secondary offerings that it will carry out next Monday (13th), when it will conclude its capitalization .
The value was determined from the average price in the period of expression of interest to purchase by investors, which took place between June 3rd and 8th.
In all, 627,675,340 million will be offered actions new shares, in a primary offering, and 69,801,516 million shares that belong to BNDESPar, in a secondary offering. The operations will take place at the same time on the Brazilian stock exchange, the B3 and in New York.
On the North American stock exchange, receipts for shares, the so-called ADRs, which were priced at US$ 8.63, will be offered.
The minimum price set by the federal government for the shares was kept confidential, but according to the material fact disclosed by Eletrobras, the pricing reached a value equal to or greater than the minimum determined.
According to the document, the fixed price per share involves a total amount of R$29.29 billion, up from R$22.05 billion if the minimum price had been followed.
The value is close to the government’s expectation, of R$ 30.69 billion, a value calculated from the closing of May 26, when the common share (ELET3) had a price of R$ 44.
With the process, the government gives up being the controlling shareholder of Eletrobras and will have 45% of the share capital compared to the current 72.2%. However, he will have the so-called “golden share”, a mechanism that allows him to veto decisions that may go against the national interest.
Eletrobras’ capitalization process started in 2021, and it spent a few months on hold while waiting for approval by the Federal Audit Court (Tribunal de Contas da União) (TCU ). the organ approved both the capitalization model as for the estimates of total movement with the operation, around R$ 67 billion.
Of this total, R$ 25.3 billion are in grants paid to the National Treasury for the right to use Eletrobras’ hydroelectric plants. Another R$32 billion will go to the Energy Development Account (CDE), with the aim of relieving electricity bills from 2023.
Purchase of Eletrobras shares with the FGTS
The government also allowed workers interested in buying Eletrobras shares to reserve using the Severance Indemnity Fund (FGTS) . The process also took place until the 8th of June.
The minimum amount for the application was R$ 200 per worker, and it is possible to use up to 50% of the available balance in the FGTS account.
According to Federal Savings Bank the expectation is that up to R$ 6 billion will be moved by the FMP-FGTS (Mutual Privatization Funds).
Eletrobras has close to 51 gigawatts (GW) in installed generation capacity — equivalent to 29% of Brazil’s generating complex — and more than 70,000 km of transmission lines, or 43.1% of the national grid.
One of the purposes of capitalization is to make the company able to increase your investment level and become more competitive in the market.
From origin to privatization: understand the history of Eletrobras
Source: CNN Brasil