Brazil’s Ecorodovias plans $454 mln share offering

Business

Brazilian infrastructure concession firm Ecorodovias Infraestrutura e Logistica SA on Friday announced a share offering of around 2.3 billion reais ($454.35 million), which it expects to price on June 22.

The offer, approved by Ecorodovias’ board of directors on Wednesday, will be managed by BTG Pactual, Bradesco BBI, Itaú BBA, Bank of America and UBS BB, according to a filing late on Thursday.

The company said the share offer is part of its corporate reorganization and that the co-controlling shareholder Igli has pledged to subscribe an amount of shares equivalent to the amount of 1.2 billion reais.