February 6 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] said that it launched a capital increase process, offering to investors up to 1.3 million new shares for a price of 21.50 levs apiece, or a total price of 27.95 million levs ($15.4 million/14.29 million euro).
Excluding costs, the company expects net proceeds of up to 27.91 million levs from the offering, it said in a prospectus for the capital hike published on Friday.
The shares to be issued will have a par value of 1.00 lev each.
The offering will be successful if at least 800,000 new shares are subscribed. Existing shareholders will have the right to subscribe 0.187721 new shares for each share they currently hold. Investors will be also entitled to sell their rights via the Bulgarian Stock Exchange.
The capital increase was approved by Balkan and Sea Properties' board of directors on November 25, 2022. At the end of January, the prospectus for the offering was cleared by the Bulgarian financial regulator as well.
Balkan and Sea Properties' current equity capital of 6.93 million levs is divided into 6.93 million shares with a par value of 1 lev each, bourse data show.
As at CET 1040 on Monday, shares in the company traded flat at 22.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)