UPDATE 1-Brazil's Batista begins to inject cash into OGX, shares soar
SAO PAULO, Sept 6 (Reuters) - Brazil's debt-laden oil company OGX said on Friday it will begin to exercise a promise from controlling stakeholder Eike Batista to inject $1 billion into his empire's flagship company while it renegotiates its debts.
OGX Petróleo e Gás Participações SA will receive $100 million immediately, the company said in a statement.
Creditors have been pressuring Batista to fulfill his promise to inject $1 billion into OGX through a "put option" that allows the company to sell $1 billion of OGX stock to Batista at 6.30 reais a share by April 30, 2014, if the company's board think it is needed.
Company shares, which closed at 0.41 reais on Thursday, jumped 27 percent in early trade Friday after the news.
Over the past week, in five separate sales of stock, Batista trimmed his controlling stake in OGX to about 52 percent to generate cash, according to the company and Thomson Reuters data.
How Batista will generate the cash to make good on the OGX put option, as well as other promises to inject cash into his foundering empire, is still unclear. Once a billionaire considered the world's seventh richest individual, Batista is now only estimated to be worth $900 million, according to Forbes' magazine.
On Wednesday, the board of OSX Brasil SA, the shipbuilding company controlled by the embattled Brazilian tycoon, said it will exercise a put option for Batista to buy its shares at a value of up to $50 million.