BRASILIA, Sept 9 (Reuters) - Brazilian bank Banco Pan has approved a primary and secondary offering of up to 138 million preferred shares to be priced on Sept. 19, it said on Monday.
The initial offering foresees the initial placement of 115 million shares divided equally between primary and secondary distribution, a securities filing said. Caixa Participacoes is the selling shareholder in the secondary offering, it said.
The amount of shares initially offered may be increased by up to 20% or a further 23 million shares.
At the share price on Friday of 9.09 reais, the offer could raise up to 1.25 billion reais ($306.85 million).
$1 = 4.07 reais Reporting by Jamie McGeever; Editing by Edmund Blair and Jan Harvey