June 23 (SeeNews) - Bulgarian real estate investment trust (REIT) Green Industry Properties [BUL:CITP] said on Friday that it kicked off an initial public offering of warrants that will allow holders to take part in future capital increases.
The company is issuing 44.2 million ordinary, freely transferrable warrants at 0.001 levs ($0.0006/0.0005 euro) apiece, Green Industry Properties said in a bourse filing. Current shareholders and those who purchase shares within five days of the warrants issue notice being published will be given rights to subscribe for new warrants, with each right corresponding to 34 warrants.
Within five years, investors can exchange the securities for the same amount of voting shares in the company, priced at 1.10 levs apiece, as part of future capital increases.
The offering will be considered successful if at least 12.35 million warrants are subscribed to. The proceeds will be used to improve Green Industry Properties' capital structure, as well as to raise additional working capital, the company said.
The company's equity capital is currently divided into 1.3 million shares with a par value of 1 lev apiece.
Shares in Green Industry Properties last traded at 0.32 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)