February 13 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has approved the prospectus of local Bravo Property Fund REIT [BUL:BPY] for a capital increase via a new share issue.
Bravo Property Fund REIT will seek to raise 36.4 million levs ($21 million/18.6 million euro) via the issuance of the same number of shares at a price of 1 lev each, the regulator said in a statement on Tuesday.
The regulator did not provide further details.
Bravo Property Fund REIT's capital currently amounts to 650,000 levs, according to commercial register data.
The capital increase will be considered successful if at least 36 million shares are subscribed for and paid for, the company said in December.
Last year, Bravo Property Fund REIT increased its capital from 500,000 levs to 650,000 levs via a new share issue.
The REIT's shares started trading on the Bulgarian Stock Exchange in August 2018. Bravo Property Fund REIT shares last traded on the exchange at a price of 1.03 levs apiece.
(1 euro = 1.95583 levs)