Carlyle Group LP and Brazilian investor Guilherme Paulus raised a combined 1.230 billion reais ($394 million) from the partial sale of their stakes in Brazilian travel agency CVC Brasil Operadora SA (CVCB3.SA) , a sign investors are slowly returning to Latin America’s largest equity market.

CVC Brasil said on Thursday that the so-called restricted efforts offer was priced at 20.50 reais, representing a 3.8 percent discount to the stock’s closing price of 21.30 reais on Wednesday. Carlyle and Paulus had put a combined 60 million shares up for sale, accounting for a 44.7 percent stake.

In a statement, São Paulo-based CVC Brasil said that information on new shareholders and their respective stakes will be available only on Aug. 16, when the transaction is expected to be settled. Before the offering, Carlyle and Paulus had about 69 percent of Brazil’s biggest travel agency.

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