March 8 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] said it will issue up to 3 million warrants at a price of 0.001 levs ($0.0006/0.0005 euro) apiece by way of an initial public offering.
The warrants will give their holders the right to subscribe for Balkan and Sea Properties shares at 21.50 levs each within five years as part of future capital increases, the company said in a stock exchange filing on Thursday.
The placing will be considered successful if no fewer than 800,000 warrants are subscribed and paid for.
Real Finance will act as investment intermediary for the proposed transaction, which is subject to approval by Bulgaria's financial regulator.
Balkan and Sea Properties' equity capital is currently divided into some 6.93 million shares of 1 lev in par value each.
Shares in the company last traded on February 28 when they closed at 23.00 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)