IdeiasNet to Sell 14.2 Million Shares at Discount on `Market Conditions'

IdeiasNet SA, the Brazilian holding company that invests in Internet ventures, plans to raise 50.1 million reais by selling 14.2 million new voting shares in a private placement to finance its spending plan and other investments.

IdeiasNet is selling the shares at 3.53 reais each, or 3.8 percent less than yesterday's close of 3.67 reais, according to a filing to Brazil's securities regulator late yesterday. IdeiasNet said it's selling the shares at less than the market price "because of current market conditions."

To contact the reporter on this story: Laura Price in London at lprice3@bloomberg.net

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