Arco Towers REIT (

) plans to raise its capital from 650,000 to 780,000 leva, the Bulgarian Stock Exchange (BSE) said.

The REIT will offer for subscription a total of 130,000 shares, each with 1.0 and 113 leva par value, respectively. The company will raise a total of 14.7 mln leva, if all shares get subscribed and paid.

A total of 650,000 rights have been issued as part of the capital increase. Five rights will entitle the subscription of one new share.

At least 120,000 new shares have to be subscribed and paid in order for the capital raise to be successful.

The rights will be traded until September 4, while investors will be notified additionally on the start date.

The auction for the unused rights is scheduled for September 15, while the final date for the subscription of shares is set for September 30.

Deals in Arco Towers' stock, which will enable the shareholders to take part in the capital raise, will be sealed until August 20, 2008.