Brazil's Light offers BNDESPar new sale contract for Renova shares
Power firm Light SA has offered to BNDESPar, a subsidiary of the National Social and Economic Development Bank (BNDES), a new sale option contract on its shares in Renova Energia SA (BVMF:RNEW11).
BNDESPar has previously expressed interest in offloading its units, formed of two preferential and one ordinary share and representing 8.8% of the share capital of Renova, Light Energia, the energy arm of Light SA, said in a note to the market.
BNDESPar will exercise its new sale option by selling its units in three tranches, within 30 days subsequent to the fourth, fifth and sixth year following the closure of the transaction.
The exercise price is currently set at US 14.83 (EUR 13.31) per unit.
The signing of the option agreement will depend on RR Participacoes and Cemig GT waivers of preemptive rights and joint sales options.