The losses wiped off around 3 billion reais from its market cap. "The capital will be used exclusively to de-leverage Cosan," CFO Rodrigo Araujo said during an investor call following the announcement of the capital hike. Cosan reported a net debt of 17.5 billion at the end of June, stable from the end of the first quarter. Cosan's founder, Rubens Ometto, is set to contribute with 750 million reais through his family office, and a follow-up offering of up to 2.75 billion reais is also planned. Ometto's holding firm Aguassanta, BTG and Perfin will control Cosan through a 20-year shareholders' agreement.