Feb 3 (Reuters) - Brazil state-run power company Eletrobras said on Thursday its board approved a capital increase for its subsidiary Eletronorte by 1.9 billion reais ($359.58 million).

According to its securities filing, the company will increase Eletronorte's capital by issuing 13.9 million new ordinary shares, priced at 138.35 reais each share.

The shares will be subscribed and paid in by Eletrobras with the common shares it holds in Norte Energia (NESA), equal to 15% of the capital stock in NESA, which operates the Belo Monte hydroelectric plant.

"With the above-mentioned operation, Eletrobras will no longer hold a direct stake in NESA and will remain with an indirect stake of 49.98%, through its subsidiaries Eletronorte and Companhia Hidro Elétrica do São Francisco (Chesf)," said the company.

The completion of the transaction still depends on approval at a meeting of Eletronorte shareholders, in addition to the corporate procedures required for the change in ownership of NESA shares. ($1 = 5.2839 reais) (Reporting by Carolina Pulice Editing by Chris Reese and Marguerita Choy)