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Bulgaria's Biodit plans to raise up to 870,000 euro in cap hike

Bulgaria's Biodit plans to raise up to 870,000 euro in cap hike

SOFIA (Bulgaria), August 4 (SeeNews) - Bulgarian biometric identification security systems developer Biodit [BUL:BDT] said that it plans to increase its capital to 14.8 million levs ($7.7 million/7.6 million euro) from 13.8 million levs through a new share issue.

The transaction, which was approved by the company's board, will see Biodit issue up to 1 million new shares of 1 lev in par value each priced at 1.70 levs apiece, the company said in a stock exchange filing last week.

Current investors will receive one right per existing share and will be able to subscribe for the new stock in exchange for 13.82 rights per share.

The offering will be considered successful if no fewer than 250,000 shares are subscribed for. The issuance is subject to the company applying for admission of the shares on the BEAM growth market of the Bulgarian Stock Exchange (BSE).

In March 2021, shortly after becoming a listed company, Biodit abandoned plans for a capital hike out of concern that the move would further increase the high volatility of its share price. In January 2021, the company raised 1 million levs ($607,000/511,000 euro) in an oversubscribed initial public offering (IPO) on the BSE after placing 1 million shares at 1 lev each.

Founded in 2009, Biodit develops technology for access control, time attendance monitoring and management of operations, with applications in healthcare, business and office centres, commercial and residential buildings, hospitality, banking and the automotive industry, among others.

Shares in Biodit traded 5.15% lower at 1.84 levs as at 1411 CEST on Thursday.

(1 euro = 1.95583 levs)

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