Brazil's Eletrobras preselects banks for follow-on share offering - Reuters

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Power lines connecting pylons of high-tension electricity are seen during sunrise near Brasilia, Brazil August 29, 2018. REUTERS/Ueslei Marcelino/File Photo

SAO PAULO, Oct 29 (Reuters) - Brazilian state-run power company Eletrobras (ELET6.SA) has preselected Bank of America, BTG Pactual, Goldman Sachs, Itau BBA and XP Investimentos as lead managers of a follow-on share offering, a securities filing showed on Thursday.

The share offering is expected to dilute the state's stake in Eletrobras to at least 45%. The government hopes to raise 50 billion reais ($8.86 billion) with the transaction, which should happen in early 2022.

Centrais Eletricas Brasileiras SA, as the company is formally known, said the hiring process is ongoing and final approval is pending.

On Friday, the company said it has preselected the banks to be bookrunners for the share offering: Bradesco BBI (BBDC4.SA), Caixa Economica Federal, Citi (C.N), Credit Suisse (CSGN.S), JP Morgan (JPM.N), Morgan Stanley (MS.N) and Safra.

($1 = 5.6459 reais)

Reporting by Gabriel Araujo; editing by Jason Neely and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

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