SAO PAULO, May 12 (Reuters) - Shareholders in Brazil's Banco
Inter SA on Thursday approved a corporate
reorganization that aims to transfer the online lender's shares
to the Nasdaq, the company said in a statement.
According to Inter, which is backed by investors including
Japan's SoftBank Group Corp, roughly 85% of the
shareholders voted in favor of the move, which its management
hopes could expose it to more tech-savvy investors.
The lender had originally pushed for the reorganization in
2021, but ended up backing out of the move as shareholders'
requests to cash out exceeded a previously determined threshold.
Last month, it said it was resuming the process with new
terms and conditions, with the cash out option being limited to
1.1 billion reais ($214.52 million), or 10% of its outstanding
Shareholders will now have until May 20 to decide whether
they want to exercise their cash out rights or swap their stocks
for Brazilian Depositary Receipts (BDRs). The exchange ratio was
set at 19.35 reais per unit in Inter, it said.
Under the new terms, if the cash out demand exceeds the
previously set threshold, there will be a proportional division
and shareholders will get part in cash, part in BDRs, Inter said
in a statement.
"Migrating our shares to the Nasdaq will strengthen our
position as a global technology company, while giving us access
to the world's most mature capital markets and opening up
revenue sources as the company continues its solid pace of
growth," Chief Executive Joao Vitor Menin said.
Units in Banco Inter closed up 6.7% at 14.27 reais on
Thursday, making it one of the top gainers on Brazil's Bovespa
stock index, which rose 1.2%.
($1 = 5.1278 reais)
(Reporting by Aluisio Alves; Writing by Gabriel Araujo; Editing
by David Gregorio)