June 25, 2024

Banco Inter’s BDRs (INBR31) had a choppy session debuting at B3 on Monday

3 min read
Banco Inter's BDRs (INBR31) had a choppy session debuting at B3 on Monday

The last trading day for Banco Inter shares (BIDI3, BIDI4 and BIDI11) was Friday (17), in the midst of the company’s reorganization, with assets transferred to the Nasdaq this week. BIDI11 assets closed their last trading session on Friday down 1.42%, accumulating a 63.60% decline for the year. The sale of shares / units issued by Internacional by the shareholders will be settled next Friday (21st).

This Monday, the BDRs (Brazilian Depository Receipts) from Inter & Co start trading on B3 using the indicator INBR31. The day started with a decline in assets: at 10:21 AM (Brazilian time), INDBR31 shares were down 1.35% at R$20.52. With that, the assets turned slightly higher in the first hour of trading, with a gain of 0.77%, at R$20.96, around 10:50 AM (Brazil time).

As of the 22nd, BDRs will appear in the statements of Inter shareholders who did not sell shares in the bank they held on the 17th.

The Bank clarified in a statement that effective June 22, 2022, shareholders who have received Deposit Bonds for Document Delivery may at any time, at any time, request the conversion of BDRs they hold into Class A shares issued by INTR in the United States. . This is done by instructing its custodian institution to request from Banco Bradesco, the custodian of the Inter’s BDR Programme, the relevant transfer.

The shareholder must have a valid account with a brokerage firm in the United States, where the Class A shares that form the basis of the dismantled business delivery records will be allotted.

To receive INTR on June 23, when the first NASDAQ trade is made, the shareholder must apply to the broker or trustee. The custodian must register the application in B3 by the 22nd, at 1:00 PM (Brasilia time).

Below is the migration schedule to Nasdaq:

Inter has set a final amount of R$39.18 per share to be paid to shareholders who choose to cash out — leaving the company’s base in exchange for cash.

The value takes into account the price of R$38.70, corresponding to the economic value of each preferred or common share issued by the Bank, which was created in accordance with the terms of the cash exchange report and is updated according to the change in the direct investment rate calculated between the date of the General Assembly (AGE) meeting on restructuring – May 12, 2022 – The actual redemption date is June 20.

According to the company, in the first 30 days of trading BDRs on B3, shareholders will have their fee covered in reference to the conversion to Inter & Co shares on Nasdaq. If they choose to keep shareholder registration records, Inter informs that it will not be necessary for the shareholder to do anything to receive them. BDRs will already be automatically deposited into the shareholder’s account at the brokerage firm.

In May (between the 13th and 20th), the bank offered two alternatives: the option to receive Tier 1 BDR bonds backed by Inter & co’s Class A shares or the Cash-out option, where it was possible to receive the amount described above for every 6 Banco Inter shares. In this case, these six shares will entitle you to one HoldFin cash-redeemable Preferred Share.

For those who choose to receive BDRs, the amount will change in proportion to the amount previously held. For every 6 or more common or preferred shares (BIDI3 or BIDI4), one BDR will be delivered. In the case of modules, BIDI11, each two entitles them to receive one BDR (one BIDI11 corresponds to 0.5 BDR).

Immigration plans to the United States resumed and materialized after a failed attempt at the end of 2021. With the change, the expectation was more visibility and access to a more diversified investor base and also the option to raise capital while keeping the structure in check.

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