Colombia’s GrupoSura share issue to raise

Colombian holding company GrupoSura set a price of 32,500 pesos ($17.44) per share for its issue of preferred shares on Monday, a sale that could raise $2.1 billion to pay for part of its acquisition of ING assets.

Some 120 million shares will go on offer starting Monday at a 3.1 premium over the average share price over the past month, the firm said in a securities filing dated Friday.

GrupoSura is the investment arm of Colombia’s largest conglomerate, Grupo Empresarial Antioqueno (GEA), which bought the pension, insurance and investment funds of Dutch bancassurer ING Groep in Latin America for $3.7 billion in July in the largest ever deal by a Colombian company.

GrupoSura can cover the rest of the acquisition with cash flow and bank loans, and it may also bring in a partner. International Finance Corporation (IFC), the investment arm of the World Bank, has said it was evaluating a co-investment in the deal.

GrupoSura stock closed at 33,900 pesos on Friday, up 1.2 percent.

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