Airline Industry
GOL to raise $350 million from shares offer
SAO PAULO - Brazilian no-frills airline GOL Linhas Aereas Inteligentes SA is planning to raise about 650 million Brazilian reals ($350 million) from a shares offering on the Sao Paulo Stock Exchange, BMFBovespa, the company said Tuesday in a statement.
The company said that it will offer its shares in Brazil and for foreign investors in the form of American Depositary Receipts, or ADRs. The shares will be offered through a primary and a secondary offer.
Gol, however, didn't set a date for the offer nor the volume of shares to be sold via the operation.
The shares, under the secondary offer, will be sold by Gol's controlling shareholder, called Fundo de Investimento em Particpacoes Asas, which have a 76.18% stake in the company.
The company said that it will use the proceeds from the shares offer in order to reinforce its net asset position.
Itau BBA, Morgan Stanley, Bradesco BBI, BB Investimentos and Bank of America Merrill Lynch were hired to coordinate the operation.
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