Shareholders of RT Briscoe (Nigeria) Plc yesterday authorised the board of the company to raise N10 billion to deleverage its operations as the automobile and real estate company struggled with losses induced by huge interest expenses.
At the annual general meeting in Lagos, shareholders mandated the board to raise new funds through any option or a combination of debt instruments, preference shares and ordinary shares by way of rights issue, private placement or offer for subscription.
To create room for the impending fresh capital, shareholders also increased the authorized share capital of the company from N2 billion divided into 4.0 billion ordinary shares of 50 kobo each to N3.25 billion divided 6.5 billion ordinary shares of 50 kobo each.
http://thenationonlineng.net/new/rt-briscoe-gets-shareholders-nod-to-raise-n10b/
