Brazilian mid-sized bank Banco Indusval SA will delist from the highest governance section of the stock exchange and make a tender offer to its shareholders as required by regulations, it said on Tuesday.
The bank’s board will decide on the company that will set the price to be paid to minority shareholders in the tender offer in a meeting on June 13, Indusval said in a filing.
The bank is reorganizing its activities, spinning off undisclosed “low liquidity assets” and creating a new holding company. The reorganization intends to create a new holding company that will control Indusval and two other entities including the low liquidity assets company.
Controlling shareholders will launch a capital increase of 100 million reais ($20.5 million). All changes need to be approved by a shareholder assembly, the bank said.
Source: Reuters.com