SAO PAULO: Brazilian lender Banco Inter SA's board of directors has approved the terms for a follow-on share offering, the proceeds of which will be used to fund expansion, the bank said in a securities filing on Wednesday.
Banco Inter will sell 14.5 million common shares and 29 million preferred shares as part of the offering, the filing said. The deal is expected to be priced on Sept. 3.
Banco Inter's common shares closed at 18.68 reais on Tuesday and its preferred shares at 21.21 reais.
Based on the closing prices, the follow-on offering would be valued at 885.95 million reais ($160.8 million).
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