Brazilian state-run insurance firm Caixa Seguridade said late on Sunday it had filed for a follow-on share offering that will comprise a secondary sale of stock owned by controller Caixa Economica Federal.

The move was widely expected since the company in late 2024 said that state-controlled lender Caixa, which owns more than 80% of Caixa Seguridade, had authorized it to move forward with the offering after months of studies.

Caixa Seguridade in a securities filing said the offering will include the sale of 82.5 million common shares. Considering its Friday closing price of 15.99 reais per share, the deal would total some 1.32 billion reais ($227.94 million).

The offering will be priced on March 19.

Itau BBA, Caixa Economica Federal, BTG Pactual, Bank of America and UBS BB are managing the transaction.

($1 = 5.7910 reais)

(Reporting by Gabriel Araujo, editing by Louise Heavens)