Bulgaria's Elana Agrocredit raises 5.7 mln euro in capital hike

Investors subscribed for 10.06 million shares with a par value of 1 lev each at an issue price of 1.10 levs apiece, Elana Agrocredit said in a bourse filing.

Elana Agrocredit launched the capital hike process last month, seeking to raise its capital to 54.9 million levs from 36.6 million levs by offering up to 18.31 million new voting shares.

Following the capital increase, Elana Agrocredit's equity capital amounts to some 46.69 million levs, divided into the same amount of shares of 1 lev in nominal value each.

The raised funds will be used to finance the company's main activities, including signing contracts for leasing agricultural land and providing working capital credits.

Shares in Elana Agrocredit last traded on June 6 when they closed at 1.08 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)