Bianor Holding AD (BUL:BNR) will look for acquisitions. Bianor Holding said that its board approved a new share issuance, seeking to increase the company's equity capital to up to BGN 1.22 million ($660,892/EUR 623,774), from BGN 675,222. The company plans to offer up to 545,000 new voting shares of BGN 1 in par value each, priced at BGN 17 apiece, Bianor said in a bourse filing on March 16, 2023.

Current shareholders will receive rights to subscribe for new shares, proportionate to the stake they hold in the company, with some 1.24 rights corresponding to one new share. The capital hike will be considered successful if no fewer than 106,000 new shares are subscribed and paid for. The company stands to make between BGN 1.80 million and BGN 9.27 million in gross proceeds from the increase.

With the earnings, Bianor aims to expand its information and communication technologies services portfolio, planning to use targeted bank financing to acquire two IT services companies - one focused on data analysis and artificial intelligence, and the other one active in software development for large companies and startups. The remaining funds will be invested in its existing subsidiaries and potential new acquisitions, the filing added.