GOL Linhas Aéreas Inteligentes S.A. (GOL) said that it has concluded its global share offering, which increased its cash position by R$627.1 million. With a stronger balance sheet, GOL said it is now prepared to benefit from the growth of air transport in Brazil and Latin America.
The offering comprised 62.2 million common and preferred shares at R$16.50 per share or US$ 9.48 per ADS, totaling R$1,026.1 million.
The difference between the total offering and the primary offering is due to the offering structure designed to comply with Brazilian corporate law, keeping a minimum ratio of 50% between common and preferred shares.
Under the offering structure, the company's controlling shareholder, Fundo ASAS, sold a portion of its preferred shares, while the proceeds were used to buy common shares issued to comply with the regulatory ratio. The structure allowed the company to achieve its capital increase targets and to comply with Brazilian Corporate Law.
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