Business

Brazil's Inter hires banks for potential follow-on, calls EGM for capital increase

Inter chose banks to coordinate potential primary public offering of units, at BRL 57.84 each

Banco Inter's new headquarters
Inter's new headquarters in the city of Belo Horizonte. Photo: Courtesy
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  • Banco Inter has called an extraordinary meeting to raise its authorized capital by BRL 7 billion;
  • The neobank said it is evaluating a potential primary public offering (follow-on) of units and common and preferred shares, in the fixed amount of BRL 19.28 per common shares (ON) and preferred shares (PN), and 57.84 per unit.

Brazil‘s neobank Banco Inter announced on Monday that it has chosen banks to coordinate a potential primary public offering of units, at BRL 57.84 each, as well as convened a meeting to raise the authorized capital by BRL 7 billion.

The neobank said it is evaluating a potential follow-on of units and common and preferred shares, in the fixed amount of BRL 19.28 per ON and PN share and 57.84 per unit.

READ ALSO: Banco Inter: corporate reorganization to list on Nasdaq and a new deal with StoneCo

According to a material fact to the Securities and Exchange Commission of Brazil (CVM, in Portuguese), Bradesco BBI, BTG Pactual, Bank of America, Itaú BBA, JPMorgan, and UBS Brasil were chosen as coordinators of the potential offer.

Inter also said that management has called an extraordinary general meeting for June 24 to approve the increase in authorized capital from the current BRL 5 billion to BRL 12 billion.

READ ALSO: Inter’s COO: “We are navigating the best of both worlds, the intersection between fintech and bank”

The neobank also reiterated that the potential offer must include a commitment by StoneCo to subscribe for common shares and/or units corresponding to an equity stake of up to 4.99% of Inter’s total capital stock, limited to an investment amount of BRL 2.5 billion.

(Translated by LABS)

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