September 29 (SeeNews) - Bulgarian investment brokerage services company Intercapital Group [BSE:ICG] said on Thursday that its planned capital increase through a rights issue was unsuccessful.
No funds were transferred to the company's dedicated account with United Bulgarian Bank (UBB) within the deadline for subscription of preferred shares, which expired on Wednesday, Intercapital Group said in a bourse filing.
On September 8, Intercapital Group launched a rights issue at a ratio of two rights for each new preferred share. It said at the time it will offer existing investors 1,925,000 preferred shares without voting rights at 1 lev par value each and at a price of 1.70 levs apiece.
The capital increase needed at least 750,000 of the offered shares to be subscribed and fully paid for in order to succeed.
In August 2021, Intercapital Group received approval from its shareholders to increase its capital to 5.8 million levs ($2.88 million/2.96 million euro) from 3.85 million levs via the issuance of 1,925,000 preference shares.
Shares in Intercapital Group last traded at 1.01 levs on the BaSE market of the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)