By Nathan Allen

Enel SpA (ENEL.MI) said Thursday that its Chilean subsidiary Enel Americas SA (ENELAM.SN) has called for shareholders to vote on a proposed capital raising of up to $3.5 billion.

Shareholders will vote on the proposal at an extraordinary meeting on April 30, Enel said.

If the proposal is approved Enel Americas would issue new ordinary shares and American depositary shares, which would be fully subscribed in cash, the company said.

Enel Americas aims to use the extra funds to pursue minority buyouts and deals, as well as optimize cash flow and pay down debt.

Enel, which owns a 51.8% stake in Enel Americas, said its board will assess how it plans to participate in the capital increase.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

February 28, 2019 02:57 ET (07:57 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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