Bulgaria’s Investbank is seeking the approval of its shareholders to increase its capital by up to 23.9 million levs ($13.6 million/12.2 million euro) via a new share issue, it said.
Investbank is planning to offer 21,944,445 shares for subscription to existing shareholders at a price of 1 lev each, the lender said on Tuesday in an invitation for the shareholders’ meeting.
The bank is also proposing to repay two perpetual bond issues worth a total of 39.21 million levs in par value, if their holders agree to invest the proceeds into the subscription of an additional 1,960,500 shares in Investbank. The shares, which carry a nominal value of 1 lev apiece, will thus be subscribed for a price of 20 levs each.
Investbank shareholders will vote on the proposals at a general meeting scheduled for February 10.
Currently, Investbank has a registered capital of some 131.67 million levs.
Earlier this year, the European Central Bank said that it has found a capital shortfall of 51.8 million euro at Investbank, following a comprehensive assessment.