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Ecopetrol, Colombia’s largest oil, company announced Tuesday that it will sell 675.6 million shares to raise $1.4 billion.
The company said that bundles of stock will be offered starting at about $1,000 for 500 shares. The stock can be bought in cash, in which case the company is offering a 2.5% discount or over six monthly payments, with a down payment of 20%.
The offering will last until August 17.
Ecopetrol will use the capital to increase production and may issue more stock later this year. The company has posted profits of 3.8 billion so far this year.
