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Brazil's Eletrobras selecting banks to manage follow-on issue

·1-min read

BRASILIA, Oct 22 (Reuters) - Brazil's state-controlled Centrais Eletricas Brasileiras SA is in the process of selecting the banks that will manage its follow-on issue of shares for its privatization, the company said in a statement on Friday.

Latin America's largest utility, better known as Eletrobras, will dilute the state's stake to at least 45% in what could be one of the biggest equity sales by a Brazilian company.

The government hopes to raise 50 billion reais ($8.86 billion) and will retain a golden share in Eletrobras to avoid hostile takeovers or any one private share-holder having more than 10%. ($1 = 5.6404 reais) (Reporting by Anthony Boadle; Editing by Will Dunham)

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