A decree published on Friday (1st) in an extra edition of the Federal Official Gazette regulated the sale of shares in Centrais Elétricas Brasileiras SA (electrobras) that are held by the National Bank for Economic and Social Development (BNDES) and its subsidiaries, especially those held by BNDES Participation SA – BNDESPAR.
Eletrobras is in the process of privatization through the increase of its capital stock and, according to the law that authorized this process, this can be accompanied by the secondary offer of actions owned by the Federal Government or by a company controlled by it directly or indirectly.
The Union directly holds 51.82% of Eletrobras’ common shares, according to information referring to the third quarter of last year.
With the privatization, there will be an increase in capital stock, with the primary offering of shares, which consists of the sale of new shares on the market.
The intention is that the volume of shares acquired by private entities is sufficient to dilute the participation of the Federal Government, so that it no longer controls the company.
If the initial offering of shares is not sufficient to achieve this purpose, the law allows for a secondary offering of shares that are held by the Federal Public Administration, so that the Federal Government loses the majority of Eletrobras’ voting capital.
This is the purpose of this decree, which will sell around 16.78% of the total Eletrobras common shares that were held by BNDES and its subsidiaries.
Source: CNN Brasil
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