The first tranche, worth RON150 million, would be paid by the end of the year, while the remaining RON275 million would be paid by September 30, 2016, according to the companies.
No investor was interested in participating in Astra’s share capital increase, while the company’s special administrator KPMG said it would further analyze other legal options in lack of an alternative doable plan.
The third stage of the share capital hike, addressed both to existing shareholders and to other institutional investors, ended Wednesday.
After the first two stages, Astra raised only RON134,000 of the total RON425 million necessary to the company.
In February 2014, Romania’s financial authority placed Astra under special administration, suspended shareholders’ voting rights and appointed KPMG as special administrator.
Astra was required to raise its share capital by RON490 million in the next 12 months. So far, shareholders added RON65 million to the capital.
With a share capital of RON257.8 million, Astra is owned by The Nova Group Investments Romania SA – 72.754% and Epsilon Estate Provider SRL- 26.289%, both owned by local businessman Dan Adamescu.