SAO PAULO, Oct 2 (Reuters) – Brazilian development bank BNDES raised 6.91 billion reais ($1.22 billion) by selling its stake in pulp and paper maker Suzano SA SUZB3.SA, according to data released by Brazil’s securities regulator on Friday.
According to the regulator, just over 150 million shares, priced at 46 reais each, changed hands, which is equivalent to 11% of Suzano’s share capital.
BNDESPar, formally BNDES Participacoes SA, is an investment vehicle of Brazilian state development bank BNDES that is unwinding its positions in several companies to raise money and reduce state influence in the economy.
Common shares in Suzano were up 1.7% in afternoon trade, while Brazil’s benchmark Bovespa equities index .BVSP was off 0.6%.
($1 = 5.67 reais)
(Reporting by Aluísio Alves; Writing by Gram Slattery; Editing by Steve Orlofsky)
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