BOGOTA (Dow Jones)--Colombian state-controlled electricity grid operator Interconexion Electrica (ISA.BO), or ISA, raised 384 billion Colombian pesos ($191 million) through the sale of 32 million shares, the company said Friday in a filing to the local market regulator.
ISA sold the shares through a book-building process open to the public between Nov. 30 and Dec. 2. The offer was 2.9 times oversubscribed, the company said in its statement.
The Colombian government, which controls ISA, did not participate in the share offer, and saw its stake in company was diluted to 51.4% of the company from 52.9%, according to ISA's Chief Executive Luis Fernando Alarcon.
The share issue was to finance the company's investment plans, the company said Monday in an ad, published in local newspaper La Republica. ISA is currently investing in new grids and in improving existing grids in Colombia, Peru and Brazil for about $1.8 billion.
In November, the company reported net profit of COP315 billion for the first nine months of the year, up 73% compared with the same period a year ago.
ISA shares rose 0.33% on Friday to COP12,140, while the benchmark IGBC index rose 0.02%.
-By Matthew Bristow, Dow Jones Newswires; +5716107044 ext 1132; colombia@dowjones.com
Source: wsj.com
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