Brazil – BVMF Distribuicao Pao De Acucar Shares

Brazil – BVMF Distribuicao Pao De Acucar Shares

On 27 February 2020, BVMF issued rules on distribuição pão de açúcar shares.

  • Circular on distribuição pão de açúcar-cbd (PCAR4) shares in B3's index portfolios.


  • Circular to market participants of BM&FBOVESPA segment re CBD (PCAR4) in indices.
  • Due to conversion of all CBD preferred shares (PCAR4) to common shares (PCAR3) in proportion of 1-2-1, adjustment procedures will be adopted for theoretical portfolios.
  • Trading on 28 February 2020, of company preferred shares (PCAR4) will be excluded from portfolios of mentioned indices, common shares (PCAR3) will be included at price of last executed transaction, with same theoretical quantity of PCAR4.
  • Except for special corporate governance equity index (IGC), whose quantity will be multiplied by governance factor of 2.
  • Due to start of trading on 2 March 2020, of CBD (PCAR3) in novo mercado segment and with tag along of 100%, common shares will also be included in novo mercado corporate governance equity index (IGC-NM), in special tag-along stock index (ITAG).
  • As per procedures only divisors of ITAG, IGC-NM, IGCX indices will be adjusted, said indices’ divisors may be adjusted as per corporate actions in equities comprising them.


  • Rules applicable from 28 February 2020.