Oi’s €929m capital hike is concluded

  • ECO News
  • 28 January 2019

Several weeks after Oi's shareholders guaranteed half the capital increase of the Brazilian telecom company, the operation was concluded, rising Oi's value to 32.5 BN reais.

Around two weeks have passed since the first part of the operation aiming at increasing the Brazilian telecom company’s share capital by 4 billion reais, or 929 million euros. This is one of the last steps on the legal recovery plan of the biggest Brazilian telecom corporation.

After a meeting that took place on January 21, Oi’s board of administrators approved “the emission of 272.148.705 new ordinary shares, with and without nominal value, at a rate of 1.24 reais per share”, the operator announced.

By January 14 the first part of the transaction was assured, and the capital hike operation is now concluded, making the company’s share capital get up to 32.538.937.370,00 reais.