Brazilian miner and iron ore producer Vale has raised over BRL 1 billion ($307.7 million) on a stock offering, the company said Tuesday.
Vale said it offered 29,304 ordinary or common shares on an auction on December 26, 2017. It sold each share at an average price of BRL 39.84. As a result, the company raised BRL 1.16 billion in cash, including taxes.
The sale of the ordinary stock was part of a Vale’s corporate restructuring under the new mercado segment of stock exchange Bovespa. Vale had to convert all its preferential shares into ordinary shares in order to enter the new, stricter segment, which is also expected to lure more investors.
The corporate restructuring aimed at giving equal votes to all shareholders, while diminishing the government’s influence on the company.