Centrais Eletricas Brasileiras’ shareholders have approved a capital increase by a share issue to existing stakeholders, The Wall Street Journal reports. The management has won approval for the $3.1 billion offering. The management-sponsored issue will increase Eletrobras’ capital to $ 18.6 billion from the current $15.6 billion. The common stock holders of the Brazilian state-run utilities holding company will be able to subscribe to new shares at a rate of 0.19 shares per share.

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