UPDATE 1-Cadbury Nigeria plans 22 bln naira share issue -NSE

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LAGOS, June 30 (Reuters) - The Nigerian unit of British confectioner Cadbury (CBRY.L) filed an application on Tuesday for a 22 billion naira ($150 million) share issue, the Nigerian Stock Exchange (NSE) said.

Shareholders in Cadbury Nigeria (CADB.LG) approved plans earlier this month for a rights issue to reduce more than $100 million in bank debts that led to net losses for three years.

"The company submitted an application for a rights issue of 2.57 billion ordinary shares of 0.50 naira each at 8.65 naira per share," NSE spokesman Sola Oni said, adding that the firm's shares had been frozen after the application was filed.

Cadbury Nigeria shares closed at 13.54 naira on Monday.

The firm said in early June the rights issue would be used to reduce bank debts of 15.2 billion naira, which helped drive it to a net loss of 2.84 billion naira last year. [ID:nL5558567]

The loans were taken to help finance imports and to meet working capital requirements, according to its annual report.

Cadbury is a prominent maker of confectionary in Africa's most populous nation of 140 million people, a huge and growing market for fast-moving consumer goods.

Its products include Bournvita drinks, Bubba bubble gum, Trebor mints, and Tom Tom and Eclairs sweets. It also has a wholly owned cocoa processing subsidiary, Stanmark.

The British parent company (CBRY.L) raised its stake in the Nigerian business to 50.02 percent from 46.4 percent at a cost of 19.7 million pounds ($32 million) in February 2006. (Reporting by Oludare Mayowa; Writing by Nick Tattersall)