October 6 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said on Thursday that it launched a share offering to increase its capital up to 34.2 million levs ($17.3 million/17.5 million euro) from 20.5 million levs.
The company will issue up to 13.7 million shares of 1 lev in par value each, it said in a bourse filing. The shares, which will subsequently be traded on the BEAM market of the Bulgarian Stock Exchange, will be priced at 1.14 levs apiece.
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Existing investors as well as those who purchase company shares within five days after the publication of the capital increase notice will receive rights to subscribe for new stock. Investors will be allowed to subscribe for two new shares for each three rights they hold. Shareholders who do not want to exercise their rights will be able to sell them.
The capital increase will be declared successful if at least 2.5 million new shares are subscribed for.
Sin Cars said in August that it plans to expand its operations to neighbouring Romania by constructing a plant for the manufacturing of its L CITY vehicles.
In September, the company said it aims to manufacture about 100,000 cars per year by 2030. If the expansion goals are achieved, its annual revenue may exceed 5 billion euro ($4.96 billion) by 2030, the company said.
By 1542 CEST on Thursday, Sin Cars shares traded flat at 1.12 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)