Bulgarian financial holding Eurohold, the owner of Euroins Insurance Group - announce it will increase its capital by issuing new shares on the Bulgarian Stock Exchange (BSE), "which will allow the company to raise up to EUR 100 million.

The draft resolution was adopted at an extraordinary general meeting of the shareholders on 10th April. Thus, Eurohold is planning to offer for subscription 79 million new shares with a nominal value of BGN 1 and issue price of BGN 2.50 per share.

The Bulgarian holding mentioned "the raised funds will be used to finance the acquisition of CEZ Group's subsidiaries in Bulgaria and to invest in the development of the group's two main businesses - energy and insurance".

Earlier this year, the Bulgarian Energy and Water Regulatory Commission (EWRC) granted approval to EUROHOLD Bulgaria for the acquisition of the Czech energy company CEZ Group's subsidiaries in the country (read more here).