SAO PAULO, June 4 (Reuters) - Brazilian electronics and appliances retailer Via Varejo SA said on Thursday its board has approved a primary share offering to raise up to 4 billion reais ($790 million) to invest in technology and logistics as well as to strengthen its working capital structure.
It plans to issue 220,000,000 new shares in a primary offering, which may be increased by an overallotment of up to 77,000,000 shares, a securities filing released early on Thursday showed.
Based on a closing price of 13.48 reais on Wednesday, Via Varejo said it may raise between 2.965 billion and 4.004 billion reais.
The investment banking units of Banco Bradesco SA, Banco BTG Pactual SA, Banco do Brasil SA, Bank of America Merrill Lynch, Banco Santander Brasil SA and brokerage XP will manage it.
Via Varejo said the deal will be priced on June 15 and the new shares will start trading on June 17.
$1 = 5.0626 reais Reporting by Gabriela Mello; editing by Jason Neely