Brazil's Bradesco approves capital increase by up to $1.95 billion

SAO PAULO, July 29 (Reuters) - Brazilian lender Bradesco BBDC4.SA approved an up to 10 billion reais ($1.95 billion) capital increase, with controlling shareholders committing to subscribe for up to 8 billion reais, it said in a securities filing on Wednesday.

Bradesco said the capital increase, which was initially proposed by the controlling shareholders, will support a "strong pace of strategic investments" through higher investments in technology, commercial efficiency and business expansion.

• Common shares will be issued at 15.43 reais and preferred shares at 17.64 reais, representing a 6% discount to Tuesday's closing price.
• Bradesco will bring forward the payment of 6.5 billion reais in previously announced interest on equity to support shareholder participation in the deal.
• If fully subscribed, the capital increase will boost the lender's common equity ratio by about 0.9 percentage point.

($1 = 5.1178 reais)