Oando Nigeria Plc announced plans to raise $300 million (N48,779,834,048) via a rights issue, starting from Nov. 24 and closing December 19 2014.
Shareholders who held shares in the company as at June 25, 2014 will be able to subscribe to one new share for every four already held. Oando submitted its filing for the rights issue with the Nigerian Stock Exchange.
Oando Plc will be offering 2,217,265,184 ordinary shares of 50k each at N22 per share, on the basis of 1 new share for every 4 ordinary shares held as at 25 July 2014.
Oando closed trading at N20.39 on Friday November 21, 2014. It is believed it will use some of the funds from the rights issue to repay part of its loans used to fund the COP transaction. It had about N351.7billion in total short and long term bank debts as at September 2014.
