Banco Inter (BIDI4) moves R$ 1.13 billion with ‘withdrawal of shares’

THE Inter Bank (BIDI11), which is leaving the Brazilian stock exchange, handled a volume of R$ 1.13 billion with its cash-out options – when the shareholder prefers to receive the value of their shares in cash. The information was disclosed in a Notice to the Market filed with the Securities and Exchange Commission (CVM) on Monday (23) after the trading session.

You Banco Inter shareholders had until the 20th to inform whether they would prefer to receive BDRs or cash instead of shares BIDI11 or BIDI4 that will be delisted, as the fintech will migrate its shareholding base to the United States, trading its shares on Nasdaq.

Anyone who has not decided between the two options will automatically receive the Banco Inter’s BDRsince the cash-out had a maximum volume of 10% of working capital.

The amount that was moved with the cash-out options was precisely this 10%, according to the company’s survey, thus reaching the limit.

According to Inter, until the end of the Corporate Reorganization, “the negotiation, by the Legitimate Shareholders, of the shares issued by Inter held by them that have been validly allocated to the Option cash-out“.

The cash-out option was only available to owners of shares in custody on April 15, 2022. Those who acquired the shares in the following trading session were no longer entitled to this option.

Banco Inter paid the cash-out based on the weighted average of the last 30 trading days prior to the announcement, equivalent to R$19.35 per unit.

Understand what is happening with Banco Inter’s shares

The fintech recently resumed its plans to exit the Brazilian stock exchange – with the approval of the shareholders at the meeting. In 2021 the bank tried to migrate to Nasdaqbut without success.

At the meeting, the majority (over 85%) of Banco Inter’s shareholders opted for listing on Nasdaq, including a corporate reorganization.

With the operation done, all Banco Inter shares will no longer be traded on the Brazilian stock exchange and will be available only on Nasdaq.

Thus, Brazilian investors can use BDRs, as with other companies listed abroad, such as XP Investimentos (XPBR31).

“The move to Nasdaq will strengthen our position as a global technology company, as well as give us access to the world’s most mature capital markets and open up revenue streams as the company continues its solid growth momentum.” , explains João Vitor Menin, CEO of Inter.

In addition to the american bag offering some advantages – such as funding in dollars and a possible currency carry-over -, Inter’s strategy also aims to replicate its business model internationally.

“The corporate reorganization proposes the merger of all shares issued by Inter by its subsidiary, Inter Holding Financeira, with the inclusion of Inter shareholders. The operation will enable Inter to raise capital while maintaining the control structure. Following the reorganization, two types of US-listed shares will be issued. Class A, which will be the ballast of the BDRs, will grant the holder 1 vote per share. Class B, reserved for Inter’s controlling shareholders, will grant 10 votes per share”, say Bruno Bandiera and Eduardo Nishio, analysts at Genial Investimentos.

According to the broker’s opinion, the structure allows controllers to carry out more share offerings without losing control of the bank and, consequently, raising more capital to finance growth.

Genial’s recommendation is to buy, with a target price of BRL 39.50, up potential of more than 100%.

“The operation strengthens our thesis: we consider a strong need for capital to sustain the growth of the credit portfolio of the Inter Bankwhich we believe will be able to advance above 50% y/y in 2022″, says the brokerage report.

Source: Suno