Sale of Copel shares moves R$ 5.2 billion on B3

Sale of Copel shares moves R$ 5.2 billion on B3

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Sale of Copel shares represents one of B3’s biggest moves this year| Photo: Gustavo Scatena/B3

The process of privatization of Paraná Energy Company (Copel) took another decisive step this Tuesday (8), with subsequent offers of shares, including an additional lot in stock Exchange (B3).

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The sale moved, according to the Economic value, BRL 5.2 billion. Each share was traded at R$8.25, corresponding to a 5% premium. The reference price was R$7.85.

Still according to the newspaper, the State of Paraná, which no longer controls the company, was left with R$ 3.16 billion and the company itself with R$ 2.04 billion. The State of Paraná maintained 15.6% of the company, with 27% of this volume being voting capital and one golden share.

The sale of Copel’s shares represents one of the biggest financial transactions at B3 this year.

Copel had informed the initial sale of 549 million common shares and the primary distribution of 229.9 million to raise funds to finance the renewal of the concession of three hydroelectric plantswhich expire at the end of this year.

The company attracted a large number of foreigners and maintained R$15 billion in investor reserves. Copel has not yet commented on the transactions.

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