Colombia’s state oil company Ecopetrol raised $1.23 billion through a stock offering that closed August 17, Business News Americas reports. Out of the total 676 million shares on offer, the company awarded 644 million shares in all.

The shares were sold at $1.90 each, bringing the maximum value of the offering to $1.28 billion. Bancolombia, Davivienda and 24 brokerage firms were appointed as underwriters for the offering.

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