January 18 (SeeNews) - Bulgaria's Web Media Group [BUL:WMG] will issue 1,262,425 unexercised rights for subscription of shares from its capital increase on January 19, it said on Tuesday.
The auction will be carried out by placing a market order for the sale of the entire volume of unexercised rights, Web Media Group said in a bourse filing.
The order will be placed within a minute since the beginning of the phase for entering orders. The duration of the order entry phase will be from 13:15 to 13:45 Bulgarian time.
In September, Web Media Group said its board of directors decided to increase the company's capital by 5 million levs ($2.9 million/2.6 million euro) to 7.8 million levs by issuing 5 million new shares of 1 lev in par value each that will be offered at an issue price of 1.80 levs.
Web Media Group's shares last closed at 1.35 levs on the Bulgarian Stock Exchange, bourse data showed.
Web Media Group is majority owner of news website operators Web News BG and Infostock. Web News BG runs money.bg, news.bg, topsport.bg, lifestyle.bg and gladen.bg websites, while Infostock operates the infostock.bg financial news website.
(1 euro = 1.95583 levs)