Oando Plc has applied to the Nigerian Exchange for approval to list a rights issue of 4,415,867,342 ordinary shares of the group, targeting N220.79 billion in fresh capital.
Details of the proposal were disclosed in a regulatory filing signed by Mrs. Folasade Ibidapo-Obe, the company’s Secretary and Chief Compliance Officer.
Comprising 4,415,867,342 ordinary shares of 50 kobo each, the offer is priced at N50 per share and remains subject to approvals from the SEC, the Johannesburg Stock Exchange, and the Reserve Bank of South Africa.
