Citigroup Inc. raised $698 million from the sale of a portion of its stake in Redecard SA through a secondary offering, more than previously announced, the Brazilian credit card networking services provider said Tuesday.
Redecard said it offered an extra lot of shares because of strong demand.
Citi sold 46.79 million shares of Redecard on the Brazilian Stock Exchange. Foreign investors acquired 78.97% of the shares offered. Before the sale Citi had 161.2 million Redecard shares, or a 23.95% stake in the Brazilian company, according to the prospectus for the offering. That stake has been reduced to 17%.
Two Sao Paulo companies, Banco Itau Holding Financeira SA and Unibanco Holdings SA, each hold 23.21% of Redecard.
