January 17 (SeeNews) - Bulgarian diversified group Industrial Holding Bulgaria (IHB) [BUL:] said on Wednesday it will seek the approval of its shareholders to increase its capital by 50.0 million levs ($31.3 million/25.6 million euro).
The company plans to offer the holders of its 50 million levs bond issue to convert their bonds into shares in the company, IHB said in a statement.
According to the plan, 499,996 IHB bonds with a nominal value of 100 levs apiece will be converted into 49,999,600 shares with a nominal value of 1 lev each, the company said.
According to bourse data, IHB's bonds currently have a dirty price of 1,013.8 levs.
The bonds, issued in April 2015 and maturing in April 2018, carry an annual coupon of 5% with payments due semi-annually, Bulgarian Stock Exchange data shows.
IHB has a registered capital of 77.4 million levs, according to data from the Bulgarian commercial register.
(1 euro = 1.95583 levs)