Nigeria's Oando's rights issue 28% oversubscribed

LAGOS, April 22 (Reuters) - Nigerian energy firm Oando Plc (OANDO.LG) has raised 21.11 billion naira ($142.25 million) through a right issue to refinance its acquisition of upstream assets, the company said on Thursday.

In a notice, Oando said it received applications for 28.2 percent more shares than were offered, with shareholders willing to buy almost 387 million shares worth about 27 billion naira.

"Applications for 386,759,796 ordinary shares were received in connection with the issue ... the issue was therefore 128.20 percent subscribed," the energy firm said in a statement.

Oando, which has dual listing on the local bourse and Johannesburg Stock Exchange (JSEJ.J), had in January announced plans to issue 301.69 million ordinary shares at 70 naira through a rights issue to its existing shareholders.

The company said the proceeds from the issue would provide operating capital for the funding of the upstream assets and new gas and power investment in sub-Saharan Africa's second biggest economy.

Oando has previously reported a 26 percent jump in its full-year pretax profit to 13.5 billion naira and proposed a 3 naira dividend per share.

Its shares on the local bourse were trading at 123.06 naira on Thursday, up 4.94 percent. (Reporting by Oludare Mayowa, editing by Will Waterman)