Brazil's Inpar sells $153 million worth of stock

* Inpar raises 280 million reais with sale of new stock

* Company to use funds for developments, working capital

SAO PAULO Feb 2 (Reuters) - Brazilian real estate company Inpar INPR3.SA sold 280 million reais ($153 million) worth of stock, raising funds for new developments and for working capital.

The company sold 87.5 million new shares in the offering, more than the 70 million it originally planned, at a price of 3.20 reais each.

Inpar was the second company to sell shares in Brazil in 2010, after shopping mall operator Aliansce (ALSC3.SA) raised a lower-than-expected 672.75 million reais in an initial public offering last week.

The Bovespa index .BVSP of the Sao Paulo stock exchange has dropped about 5 percent since Jan. 6, when it closed at its highest since June 2008, prompting some Brazilian companies to cancel or delay offerings this year because of the slump in emerging market stocks.

Brazil's biggest pasta and cookie maker, M.Dias Branco (MDIA3.SA), on Jan. 21 suspended for 60 days a planned stock offering because of "current market conditions." Metalfrio Solutions SA (FRIO3.SA), a Brazilian company that produces refrigerators for commercial use, outright canceled a planned primary and secondary stock sale last week.

Inpar hired Credit Suisse (CSGN.VX) as lead underwriter, with Banco Santander Brasil (SAN.MC) (SANB11.SA), Bradesco BBI and HSBC (HSBA.L) also helping to manage the stock sale. ($1=1.83 reais) (Reporting by Bruno Marfinati; Writing by Elzio Barreto; Editing by Steve Orlofsky)