RIO DE JANEIRO, June 22 (Reuters) - The board of Brazilian travel company CVC Operadora e Agencia de Viagens SA has approved an offering of up to 480 million reais ($95.8 million) in new shares, the firm said on Tuesday.
In a securities filing, CVC said the company would offer a minimum of roughly 20.1 million shares and a maximum of roughly 25.1 million shares, at a price of 19.12 reais per share.
Existing shareholders have preference rights on the new shares, the company said. The proceeds will be used for "investments in strategic initiatives" and "general corporate expenses."
CVC said earlier in June that it had hired the investment banking units of Citigroup and Banco BTG Pactual to manage a share offering, but it did not give any details on the potential offering at that time.
($1 = 5.01 reais)
(Reporting by Gram Slattery, editing by Louise Heavens)