Grendene increases free float
Brazilian producer of synthetic injected footwear Grendene is set to increase its free float by offering shares to the public in order to comply with the rules of the São Paulo stock exchange, Bovespa. Its free float is currently 19%, but must reach 25% by November according to the exchange’s 'New Market' rules. The date of the sale has not yet been set.
The company is still said to be deciding whether to increase its free float through a public offer or by auction. Whichever way there will be no issue of new shares. The shares on offer will be those belonging to the company's control block shareholders, Alexandre and Pedro Grendene.
The group’s second quarter revenue grew 1.6% to R$253.7 million ($145 million) year-on-year, while exports increased by 23% with 6.3 million pairs shipped. Export revenue for the quarter was $18.3 million, up 23.6% compared with the prior-year period. The average price per pair remained stable at $ 2.89.
