Colombian state-controlled electricity grid operator Interconexion Electrica, or ISA, started to raise cash through the sale of 32 million new shares to finance its investment plans, the company said in an ad published Monday in local newspaper La Republica.
ISA will sell the shares through a book-building process open to the public in general and potential buyers have until 4AM on December 2 to bid, the company said.
Last week, Luis Fernando Alarcon, ISA’s Chief Executive, said the company expected to raise about COP371 billion (US$185 million), or a little less.
The Colombian government, which controls ISA, won’t participate in the capital increase, so its stake will be diluted to 51.4% of the company from its current 52.9%, according to Alarcon.
ISA is currently investing in new grids and in improving existing grids in Colombia, Peru and Brazil for about US$1.8 billion.
Earlier this month, the company reported its net profit for the first nine months of the year rose 73% compared with the same period a year ago to COP315 billion.
Shares of ISA fell 3.7% to COP11,420 on Monday, while the benchmark IGBC index fell 0.9%.