Brazil Biosev to hike capital by USD 295.6m

(SeeNews) - Jan 28, 2013 - The management board of Biosev, the Brazilian sugar and ethanol arm of French firm Louis Dreyfus, has approved a BRL 600 million (USD 295.6m/EUR 219.7m) capital increase, Biosev announced on Friday.
The company will issue some 4.018 billion common shares for private subscription. The new shares, priced at BRL 0.149 apiece, will bear exactly the same rights and privileges as the already existing stock, Biosev highlighted.
After the hike, the company's total equity capital will stand at BRL 1.79 billion.
Proceeds from the capital boost are earmarked to strengthen Biosev's capital structure, support the company's short and medium-term investment needs and improve its debt profile by reducing the total net debt of the company.

(BRL 1 = USD 0.493/EUR 0.366)

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