Bulgaria's Bianor raises 4.1 mln euro in cap hike

A total of 37 investors, including three institutional funds, subscribed for 470,697 company shares between June 6 and June 28, Bianor said in a bourse filing on Wednesday.

"The capital increase is related to the implementation of our strategy to complement the organic growth of the group with growth through acquisitions. It is also a step in our programme to diversify the company's shareholder base and increase its recognition among the investment community," Bianor co-founder and CEO Kosta Yordanov said in a separate statement.

Bianor offered for subscription 545,000 new ordinary voting shares with an issue price of 17 levs each and par value of 1 lev apiece, seeking to increase its capital from 675,222 levs to 1.22 million levs.

The company intends to use the raised funds to expand its portfolio of software companies, aiming to create a synergistic ecosystem of technology companies and establish the group as one of Bulgaria's leading IT firms in terms of capitalisation, it said earlier.

Earlier this week, Bianor said it finalised the acquisition of local software developers Itido Technologies and Databreathe for a total of 7.7 million levs.

Shares in Bianor last traded at 18.00 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)