US Markets

Shares in Brazil's Rumo soar after $1.14 billion raised in share offering

Credit: REUTERS/NACHO DOCE

Brazil's Rumo SA was the top gainer on the country's stock exchange on Tuesday, with its shares up nearly 4%, after the logistics company said it had raised 6.4 billion reais ($1.14 billion) in a share offering a day earlier.

Updates with shares

SAO PAULO, Aug 25 (Reuters) - Brazil's Rumo SA RAIL3.SAwas the top gainer on the country's stock exchange on Tuesday, with its shares up nearly 4%, after the logistics company said it had raised 6.4 billion reais ($1.14 billion) in a share offering a day earlier.

The company set the price per share at 21.75 reais, with a discount of nearly 3% from Monday's closing price. In morning trading on Tuesday, Rumo's shares were valued at more than 23.20 reais each.

The company, which has Cosan Logistica SARLOG3.SA as its biggest shareholder, plans to use the proceeds for a concession pre-payment and to invest in the Malha Paulista railway.

($1 = 5.6107 reais)

(Reporting by Carolina Mandl Editing by David Goodman and Paul Simao)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More