SAO PAULO : Brazilian car rental company Localiza said on Friday it will launch a follow-on share offering aimed at raising as much as 4.5 billion reais ($935.51 million) to expand its car fleet and service network.The primary offering will initially comprise 60.02 million new shares, Localiza said in a s
SAO PAULO : Brazilian car rental company Localiza said on Friday it will launch a follow-on share offering aimed at raising as much as 4.5 billion reais to expand its car fleet and service network.
Considering its closing price of 66.64 reais per share on Thursday, the offering would total around 4 billion reais, the company said. If the overallotment is fully sold, that amount would reach some 4.5 billion, it added. "We remain 'Overweight' on Localiza we continue to like the rental space on the back of compelling growth potential and the benefit of lower interest rates," the analysts said in a note to clients.
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