SOFIA (Bulgaria), March 23 (SeeNews) - Bulgaria's financial regulator said that it has approved a capital increase prospectus by CM Green Energy Fund [BUL:CGRN], which is seeking to raise up to 31.5 million levs ($17.7 million/16.1 million euro).

CM Green Energy Fund plans to place up to 22.5 million new ordinary transferrable voting shares at a price of 1.40 levs apiece, the Financial Supervision Commission (FSC) said in a statement on Tuesday.

If the issue is fully subscribed, CM Green Energy Fund will increase its capital to 35.8 million levs from 13.34 million levs, according to an earlier bourse filing.

CM Green Energy Fund is a renewable energy fund part of Bulgarian investment group Capman Holding. The fund invests in Bulgarian and foreign companies that are active in the construction or operation of renewable energy projects, including wind and solar parks, small hydropower plants and geothermal energy facilities.

Shares in CM Green Energy Fund closed 16.8% higher at 1.46 levs in their most recent trading session on March 11 on the BaSE Market of the Bulgarian stock exchange.

(1 euro = 1.95583 levs)

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