May 8, 2020 / 12:46 PM / a month ago

UPDATE 1-Brazilian cosmetics maker Natura to raise up to $343 mln in capital

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SAO PAULO, May 8 (Reuters) - The board of Brazil’s Natura has approved a capital raising of 1-2 billion reais ($173-$346 million), the cosmetics maker said in a filing.

Shares will be issued at 32 reais, 12% below Thursday’s close of 36.45 reais.

Natura said it already has the commitment of financial investors to raise at least 1 billion reais, including a commitment worth 508 million reais from its controlling shareholders.

Shareholders will receive subscription rights based on their stake on May 12.

The company also decided to scrap its guidance for 2022 EBITDA and net revenue.

$1 = 5.7805 reais Reporting by Tatiana Bautzer; editing by Toby Chopra and Jason Neely

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