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Shares of Brazil telecom Oi jump on report of capital increase

Reuters - UK Focus

SAO PAULO, Feb 7 (Reuters) - Shares of Brazilian telecom Grupo Oi jumped as much as 6 percent early Friday after a local newspaper reported that several banks would participate in a new capital injection.

The stock was up 5.5 percent to 4.57 reais in morning trade.

Folha de S.Paulo reported, without attribution, that Credit Suisse, Banco Espirito Santo, Bank of America (TLO: BAC.TI - news) Merrill Lynch, Barclays (LSE: BARC.L - news) and BTG Pactual would each contribute about 12 percent of the new capital.

At the end of January, IFR, a service of Thomson Reuters (Frankfurt: TOC.F - news) , reported that Oi (NYSE: OIBR - news) was nearing a capital increase of 7 billion reais ($2.9 billion) after its merger with Portugal Telecom was approved by antitrust regulators.

Representatives for Oi and the banks could not immediately by reached for comment. ($1 = 2.38 Brazilian reais) (Reporting by Alberto Alerigi Jr.; Editing by Jeffrey Benkoe)