SAO PAULO (Reuters) - Brazilian utility CPFL Energia SA reduced the low-end of price range in its share offering to 27 reais from 29.30 reais due to weaker-than-expected demand, two sources with knowledge of the transaction said on Tuesday.
Controlled by State Grid Corp of China, CPFL has said it planned to sell 116.8 million shares in the secondary offering. Based on the new price range, the operation could raise at least 3.15 billion reais ($816.85 million). The company will price its shares on Wednesday. CPFL Energia declined to comment on the matter.
Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Christian Plumb