La Polar Proposes $212 Million Share Sale, Corpbanca Says

The board of Empresas La Polar SA, the Chilean retailer under investigation for consumer-lending fraud, proposed selling 250 million new shares, according to Cristina Acle, head of equity research at the brokerage unit of Corpbanca, who attended a La Polar shareholder meeting today.

Under the proposal, which would require shareholder approval, the company would sell the shares at 400 pesos each to raise 100 billion pesos ($212 million), Acle said by telephone from the meeting in Santiago.