Banco Inter (INBR31) discusses possible capital reduction

According to the financial institution, the share capital can be reduced up to the amount of R$ 1.150 billion

O Inter Bank (INBR31) announced this Friday, 15th, that it started the procedures for a possible reduction of its share capital.

According to Banco Inter, the share capital may be reduced to the amount of R$ 1.150 billion.

The company emphasizes that the effectiveness of the capital reduction is subject to certain conditions, which are:

• compliance with the period of 60 days, during which creditors may take a stand against the reduction of capital stock;
• approval of Brazilian central bank;
• approval of the final amount of the capital reduction at a next shareholders’ meeting of the Inter Bank.

The institution emphasizes that Inter’s Fiscal Council was in favor of the reduction proposal and that, regardless of the reduction in capital stock, it is analyzing other alternative sources of funds for the payment of the financing to pay the shareholders who opted for the exchange of money (cash-out) after the company’s corporate reorganization, which in June migrated from B3 to the Nasdaq.

Finally, the Inter Bank informed that it is operating with the Basel Index above the minimum required and also above the system average, even after the capital reduction is completed.

Banco Inter (INBR31) on the Stock Exchange

Banco Inter went public on B3 in 2018, being listed with the tickers:

until the 17th of June.

to be listed on Nasdaq, a corporate reorganization was necessary, migrating the shareholding base to the future Inter & Co (new name of Inter Platform).

Inter’s objective with the migration to Nasdaq is to be able to raise more capital in the market to finance its growth without suffering a dilution not allowed by the rules of the Central Bank.

The resumption of migration Inter Bank for the American financial market occurs just over four months after the previous withdrawal, which occurred due to the broad adherence, greater than that stipulated as a ceiling, of the shareholder base to the right to redeem units and shares in exchange for cash (cash-out) in the migration process B3 to the Nasdaq.

Source: Exam