SANTIAGO Jan 23 Regional energy company Enersis SA said late Tuesday it is considering offering part of its multi-billion dollar capital increase in foreign markets through American Depositary Receipts (ADRs).
Shareholders of Chile-based Enersis approved in late December the controversial planned capital increase of nearly $6 billion, the biggest in the country's history, that will position the company as the region's leading energy group.
Enersis, which already has ADRs trading on the New York Stock Exchange, has contacted banks JPMorgan, BTG Pactual, Bank of America Merrill Lynch, Banchile, BBVA, Credit Suisse and Deutsche Bank, among others, to see about placing part of the capital increase abroad, it said in a statement to Chile's regulator.
Shareholder approval of the capital increase came after a months-long tussle between Chile's powerful pension funds and Enersis over the amount of the capital hike, which is intended to fund acquisition opportunities and raise stakes in firms in which it already has a participation.
The increase was originally set at $8.02 billion, but minority shareholders argued that assets Enersis' parent company, Spanish energy company Endesa SA, planned to use to subscribe to its portion of the share issue were overpriced.