Axia Energia approves the redemption of 70.7 million PNC shares for R$ 3.9 billion, with an option to convert into common shares
The board of Axia Energia, formerly Eletrobras, approved on September 22 the redemption of 70,716,228 class C preferred shares, equivalent to 15.46% of the class, for R$ 3.9 billion, at R$ 55.15 per share, the closing price of the common shares on September 21. Shareholders may choose between September 28 and 30 to convert PNC shares into common shares on a one-for-one basis; those who do not choose will have their shares redeemed. It is the fourth such operation, which works as a buyback program to simplify the capital structure.