Bulgaria's Elana Agrocredit plans 10 mln euro cap hike

Elana Agrocredit plans to issue 18,314,962 new ordinary, freely transferable shares of 1 lev in par value each, at a price of 1.10 levs, the company said in a bourse filing.

The capital increase will be deemed successful provided that investors subscribe for and settle a minimum of 10 million new shares. Existing investors will receive one right for each share held, with the option to exchange two rights for one new share.

Elana Trading will act as investment advisor.

Elana Agrocredit's stock has added 8.7% in value in the past 12 months. As of 1231 CET on Friday, shares in the company traded flat at 1.00 lev on the Bulgarian Stock Exchange.

Last month, the leasing company which finances purchases of arable land agreed with United Bulgarian Bank (UBB) on a loan of up to 6.5 million euro ($7.1 million) to finance its operations until June 2024.

(1 euro = 1.95583 levs)