March 8 (SeeNews) - Bulgarian software and IT services group Bianor Holding [BUL:BNR] said it launched a process to raise its capital from 6.88 million levs ($3.83 million/3.52 million euro) to 12.36 million levs via a new share issue.
Bianor will offer for subscription some 5.48 million new ordinary voting shares with a par value of 1 lev each at an issue price of 3.70 levs apiece, the company said in a statement on Thursday.
Current shareholders and those who purchase existing shares by March 14 will be granted rights to subscribe for new shares, with 1.254 rights corresponding to one new share. Investors will be able to subscribe for new shares from March 19 until April 10.
The capital increase will be considered successful if no fewer than 360,000 new shares are subscribed and paid for. The company stands to make some 20.27 million levs in net proceeds if all shares are subscribed.
The raised funds will go towards expanding Bianor's portfolio of companies providing software services, the company said earlier.
Sofia International Securities will act as investment intermediary on the capital increase.
As of 1349 CET on Friday, shares in Bianor traded 0.47% higher at 4.28 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)