Bulgaria's Investbank seeks shareholders' nod for cap hike

Investbank is planning to offer 21,944,445 shares for subscription to existing shareholders at a price of 1 lev each, the lender said on Tuesday in an invitation for the shareholders' meeting.

The bank is also proposing to repay two perpetual bond issues worth a total of 39.21 million levs in par value, if their holders agree to invest the proceeds into the subscription of an additional 1,960,500 shares in Investbank. The shares, which carry a nominal value of 1 lev apiece, will thus be subscribed for a price of 20 levs each.

Investbank shareholders will vote on the proposals at a general meeting scheduled for February 10.

Currently, Investbank has a registered capital of some 131.67 million levs.

Earlier this year, the European Central Bank said that it has found a capital shortfall of 51.8 million euro at Investbank, following a comprehensive assessment.

(1 euro = 1.95583 levs)