Brazil’s Oi To Sell $7.2B Shares

Brazilian telecom company,Tele Norte Leste Participacoes(Oi), is seeking to raise about $7.2 billion in a sale of new shares in a capital increase,The Wall Street Journalreports. The company will issue up to 126 million new common shares at $23.17 per share.

Oi will also sell up to 252 million new preferred shares, priced at $16.99 per share. The controlling shareholder of Oi,Telemar Participacoes, would acquire shares worth a minimum of $817.5 million and nearly as much as $1.35 billion, depending on the number of shares purchased by minority shareholders.

Click here for the story fromThe Wall Street Journal.