Bulgaria's Konstantin i Elena raises 11.2 mln euro in capital hike

Investors subscribed for 999,999 shares with a par value of 1 lev each at an issue price of 22 levs apiece, Konstantin i Elena said in a bourse filing.

Konstantin i Elena launched the capital hike process last month, aiming to increase its capital to some 3.31 million levs from 2.31 million levs by offering up to 1 million new voting shares.

The proceeds will be used to design a hotel complex, repay debts and serve as a financial buffer, investment intermediary Central Cooperative Bank [BUL:CCB] said last month.

Shares in Konstantin i Elena last traded on April 4 when they closed at 22.00 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)