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Brazilian utility Light stock sale raises $389 mln

Mon Jul 13, 2009 7:59pm EDT

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SAO PAULO, July 13 (Reuters) - Brazilian power utility Light (LIGT3.SA) said late on Monday that two of its main shareholders raised 772.09 million reais ($389.74 million) from the sale of stock in the company.

Stocks  |  Brazil  |  France

France's EDF International (EDF.PA) and BNDESPar, the investment holding firm of Brazil's state development bank BNDES, sold 32.17 million Light shares at a price of 24 reais each, the utility said in a securities filing.

Light shares fell 5.9 percent on Monday to close at 25.05 reais, compared with a 0.07 percent drop in the benchmark Bovespa index .BVSP. The stock is up 28.6 percent so far in 2009, while the Bovespa jumped nearly 31 percent in the same period.

ItauBBA, the investment banking arm of Latin America's largest bank by assets Itau Unibanco (ITUB4.SA), managed the stock offering. ($1=1.981 reais) (Reporting by Elzio Barreto; editing by Carol Bishopric)

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