Brazil’s IRB aims to raise up to $295 million in share offering – report

(Reuters) – Brazilian reinsurer IRB Brasil Resseguros SA is ready to lift as much as 1.5 billion reais ($295.75 million) in a follow-on share providing, native web site Brazil Journal reported on Friday citing sources acquainted with the matter.

In response to the report, the corporate ought to announce the capital enhance on Monday and goals to lift between 1 billion reais and 1.5 billion reais at one actual per share, representing a reduction of 56.7% from Friday’s closing worth of two.31 reais.

In July, analysts at Genial Investimentos raised an alert on IRB’s capital sufficiency.

IRB didn’t instantly reply to a request for remark.

($1 = 5.0719 reais)

(Reporting by Carolina Pulice and Peter Frontini; Modifying by David Gregorio)