Axia Energia approves R$6.2B buyback of Class C preferred shares

Axia Energia's board approved a R$6.2 billion buyback of 111.6 million Class C preferred shares (19.6% of outstanding) at R$55.56 per share, with ex-rights trading starting Monday. Shareholders not converting to common shares will have their preferred shares automatically redeemed. This capital return signals confidence in cash flow and may support the stock price, though the conversion option adds complexity.