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Romania's Transelectrica reschedules shareholders vote on cap hike

Author Mario Tanev
Romania's Transelectrica reschedules shareholders vote on cap hike field grid

BUCHAREST (Romania), October 24 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said on Thursday that it has rescheduled its extraordinary shareholders meeting, which is due to vote on a proposed capital increase, for November 26.

On the previous four occasions, Transelectrica's shareholders meeting was unable to vote on the capital increase due to insufficient quorum.

Transelectrica is planning to increase its capital by up to 20.25 million lei ($4.7 million/4.3 million euro) through a new share issue, the company said in an invitation for the meeting.

Shares will be offered for subscription at nominal value - 10 lei apiece.

At the previous meeting, 24 shareholders controlling just over 77% of the company’s share capital were represented. The minimum required quorum for the capital increase vote is 85%.

Transelectrica shares traded at 20 lei on the Bucharest Stock Exchange as at 9:45 CET on Thursday, unchanged from their previous closing price.

(1 euro = 4.7534 lei)