(Adds details on the offering)
SAO PAULO, Nov 12 (Reuters) - Brazilian retailer Magazine Luiza SA concluded a $1.1 billion share offering on Tuesday pricing its shares at 43 reais, three sources with knowledge of the matter said.
The total offering amounts to 4.7 billion reais ($1.13 billion). The company will raise 4.3 billion reais issuing new shares and use the proceeds to fund expansion of its e-commerce operations, store openings and potential acquisitions.
Magazine Luiza’s controlling shareholders, the Trajano family, will raise 400 million reais selling a part of their stake.
Magazine Luiza shares fell 3.6% in Sao Paulo stock exchange on Tuesday as investors waited for the offering pricing, closing at 43.40 reais.
$1 = 4.1637 reais Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Sandra Maler and Stephen Coates