Qatar Investment Authority (QIA) has put as many as 80 million units of Banco Santander Brasil SA up for sale, liquidating 40 percent of its position after shares more than doubled over the past year.
In a Tuesday securities filing, Santander Brasil, the No. 3 private-sector bank, said the offering of units will be underwritten by its investment banking unit as well as Bank of America Corp and Credit Suisse Group AG.
Santander Brasil units correspond to a blend of one common and one preferred share in the bank, a division of Spain's Banco Santander SA.
At Monday's closing price, the offering could raise as much as 2.8 billion reais ($896 million) for QIA, an investment firm controlled by the Gulf state's government, if it chooses to exercise an additional allotment of 12 million units.
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