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Oando Plc To Raise N52.6 Billion Through Rights Issue


Thursday, 20 Dec 2012 10:00am EST 

Oando Plc announced that it plans to raise N54,578,835,312 through the issuance of 4,548,236,276 ordinary shares of 50 Kobo at N12.00 per share. The Rights Issue exercise will open on December 28, 2012 and close on February 6, 2013. Vetiva Capital Management Limited is the Lead Issuing House, with FBN Capital Limited and FCMB Capital Markets Limited will act as Joint Issuing Houses. The proceeds from the Rights issue will be used for the part-repayment of N60 billion syndicated loan used to fund the acquisition of upstream assets and swamp drilling rigs; part-financing of acquisition of upstream and midstream assets by Oando’s Upstream subsidiary, Oando Energy Resources (OER) and investment in working capital to support increased level of business. 

Company Quote

25.78
-0.44 -1.69%
8:09am EDT