Bulgaria's Elana Agrocredit to sell unexercised cap hike rights

Elana Agrocredit will offer some 18.05 million rights to which no shares have been subscribed, BSE said in a notice.

Orders can be placed between 1315 and 1345 local time on June 4.

Last month, Elana Agrocredit launched the capital hike process, offering some 18.3 million new voting shares at 1.10 levs ($0.61/0.56 euro) apiece. Each two rights held correspond to one new share in the company.

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.

As of 1150 CEST on Monday, shares in Elana Agrocredit traded flat at 1.08 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)