2023-12-20 19:12:56
Equatorial Energia today zeroed out the shares it had in treasury, putting an end to the overhang of the stock and making the share rise on a falling market day.
In August, the company announced plans to sell the 28.9 million shares it had in treasury, which is equivalent to around 2.5% of the capital.
From then on, he continued to sell homeopathic medicine on the BTG table, and today he woke up with around 17% of his initial position.
That was when the broker Itaú appeared with a demand for the balance and, without offering a firm guarantee, placed a direct sale of 4.85 million shares at R$34.99, equivalent to 0.42% of the company’s capital.
The buyers were two local long-only funds.
Equatorial had repurchased these shares – via BTG brokerage – in the first half of 2021, when it had leverage of just 2.3x EBITDA. More recently, with leverage at 3.6x, the company decided to sell the position to reduce debt.
The investment was very successful: the position cost the company R$640 million, which raised R$990 million with the zeroing, a gain of around R$350 million.
At the end of the afternoon, the stock rose 1.9% to R$35.40.
Equatorial is worth R$40 billion on the stock exchange and trades at an implied real IRR of 9.8%.
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