You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Financial regulator approves Romania's Electrica cap hike prospectus

Author Mario Tanev
Financial regulator approves Romania's Electrica cap hike prospectus Electrica Romania

BUCHAREST (Romania), October 31 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said that the Financial Supervision Authority has approved the company's prospectus for a captial increase via a new share issue.

Electrica will seek to increase its capital by some 6.05 million lei ($1.4 million/1.3 million euro) to 3.465 billion lei, the company said in a bourse filing on Wednesday.

In accordance with the prospectus, the Romanian state will receive 295,114 new shares with a nominal value of 10 lei each in exchange for an in-kind contribution - land ownership certificates issued by the economy ministry.

The remaining 309,869 shares will be offered to other existing shareholders at a price equal to their nominal value - 10 lei.

Electrica, in which the Romanian state owns a stake of 48.8%, is listed on the Bucharest Stock Exchange and the London Stock Exchange.

As at 12:05 CET on Thursday, Electrica shares traded 0.44% lower at 11.4 lei on the Bucharest bourse.

(1 euro = 4.7476 lei)