December 5 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has approved the prospectus of local lavender oil and cosmetics producer Lavena [BUL:4L4] for a capital increase via issuance of new shares.
Lavena will offer 1,599,905 shares with a nominal value of 1 lev each for subscription at a price of 3.5 levs ($2.03/1.79 euro) apiece, the Financial Supervision Commission said in a statement on Tuesday.
If the issue is fully subscribed, Lavena will grow its capital to 9.92 million levs from 8.32 million levs, raising 5.6 million levs in the process.
The capital hike will be considered successful if at least 1 million shares are subscribed for and paid for.
Lavena shares last traded on the Bulgarian Stock Exchange at a price of 3.5 levs apiece.
In August, Lavena increased its capital to 8.32 million levs from 319,981 levs via a bonus share issue. Existing shareholders received 25 new shares for each Lavena share they owned before the increase.
Established in 1962, Lavena owns lavender plantations and exports its products to Europe, Asia, Africa, Australia and the U.S. Bulgaria is among the world's biggest producers of lavender oil.
(1 euro = 1.95583 levs)