September 29 (SeeNews) - Bulgaria's financial regulator said that it approved the capital increase prospectus of local financial services company Intercapital Group [BSE:ICG].
Intercapital Group will offer for subscription up to 1,925,000 new shares at a price of 1.70 levs ($1.00/0.87 euro) each, the Financial Supervision Commission (FSC) said in a statement on Tuesday.
Last month, Intercapital Group received its shareholders' approval for a proposed capital increase to 5.8 million levs from 3.85 million levs via a new share issue. The capital increase will be considered successful if at least 750,000 of the offered shares are subscribed and fully paid for.
The company intends to use the proceeds from the capital increase to finance existing and new projects related to its main activity, it said at the time.
According to commercial register data, Sofia-based Intercapital Group is mainly active in the field of postal money transfers and the provision of payment transaction services through technical devices.
Intercapital Group's shares started trading on the Bulgarian Stock Exchange in Sofia in December 2018. They last traded at 1.0100 levs, which gives Intercapital Group market capitalisation of 3.89 million levs.
(1 euro = 1.95583 levs)