November 30, 2021, 19:17

    Shareholders in Brazil’s Banco Inter approve Nasdaq listing

    Shareholders in Brazil’s Banco Inter approve Nasdaq listing

    SAO PAULO/RIO DE JANEIRO, Nov 25 (Reuters) – Banco Inter SA (BIDI3.SA)shareholders have approved the transfer of its listing from Brazilian stock exchange B3 to the U.S.-based Nasdaq, the Brazilian bank said in a securities filing on Thursday.

    Banco Inter shareholders now will be able to cash out their stakes or receive Brazilian Depositary Receipts that may be converted into Class A shares traded on the Nasdaq. The deadline for choosing to convert or cash out is Dec. 2, Banco Inter Chief Financial Officer Helena Caldeira said.

    In an interview with Reuters, Caldeira said the bank expects shareholders will demand to cash out less than 2 billion reais ($359.30 million) worth of Banco Inter units. If the amount is higher, the bank has the right to review the transaction and potentially lower the cash-out price.

    Register now for FREE unlimited access to reuters.comRegister

    Banco Inter will pay 45.84 reais for each unit that its shareholders decide to cash out, a 22% premium over the closing price on Thursday.

    The bank decided to move its main listing venue to the United States to have "more access to global capital markets and potentially a larger and more diverse investor base," it said in an earlier statement on Thursday.

    The Nasdaq listing is expected to be effective on Dec. 28, Caldeira added.

    ($1 = 5.5664 reais)

    Register now for FREE unlimited access to reuters.comRegisterReporting by Gram Slattery; Editing by Jonathan Oatis and Paul Simao

    Sourse: reuters.com

    Related posts

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies. You can find a detailed description in our Privacy Policy.
    Accept
    Reject
    Privacy Policy