Cosan (CSAN) shares fell 22% in recent Monday trading after the Brazilian commodity conglomerate announced plans to issue up to 2 billion shares through two public offerings.

Anchor investors, including BTG Pactual and Perfin Infra Administracao de Recursoshave, committed 7.25 billion reais ($1.35 billion) to purchase 1.45 billion common shares at 5 reais each, Cosan said Sunday in a regulatory filing. The company has the option to expand the offering by up to 25%.

A second offering will include up to 550 million shares, priced the same as the first. Total issuance across both offerings won't exceed 2 billion shares, and adjustments may be made to the second tranche to stay within that cap, the company said.

Proceeds will be used to reduce debt, improve financial flexibility, and increase share

liquidity, the company said.

Price: 4.44, Change: -1.22, Percent Change: -21.55