Eletrobras raises BRL29 billion from privatization auction

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The Federal Government of Brazil has held a privatization ceremony for Eletrobras at the Sao Paulo stock exchange.

Eletrobras is a power utility company responsible for approximately 31% of generating capacity, 47% of transmission, and 7% of electricity distribution in Brazil. The company has the capacity to produce 49,801 MW of energy with its 227 electricity generation units.

The privatization transaction was concluded after the public offering of shares offered at BRL42 (US$8). The government raised BRL29 billion (US$5.52 billion) from institutional investors and expects to raise BRL33.68 billion (US$6.42 billion) from the auction considering a supplementary lot of up to 15% of the shares of the initial offering.

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