(Repeats to widen distribution)
RIO DE JANEIRO, Feb 21 (Reuters) - Brazil's securities regulator has rejected the proposed price of 12.2 reais per share for a buyout offer to minority shareholders to delist CPFL Energia Renovaveis, a securities filing showed.
Regulator CVM said equal treatment for the minority shareholder would mean a share price at least equal to 16.69 reais per share.
CPFL Energia Renováveis said that China's State Grid , which took a majority stake in the company earlier this year, would appeal the ruling.
State Grid paid 14.2 billion reais ($4.36 billion) to buy the CPFL stake from construction company Camargo Correa, which was raising funds amid a financial crisis triggered by an investigation into suspected corruption.
$1 = 3.2554 reais Reporting by Raquel Stenzel; editing by Jason Neely