Nigeria, Aug. 13 -- Oando Plc will head to the market any moment soon to raise half a trillion naira in fresh equity capital as part of a broader effort to reinvigorate operations after liabilities jumped to N7.1 trillion at the end of June, turning shareholder fund to negative.
The oil driller got shareholders' consent "to raise additional capital of up to N500,000,000,000.00 (five hundred billion naira only) or its foreign currency equivalent in the Nigerian and/or international capital markets through the issuance of up to 10,000,000,000 (ten billion) ordinary shares of 50 kobo each," a regulatory filing stated on Tuesday.
That puts the price of the potential equity issue at N50 per share, a 3.8 per cent discount to its price at mark...
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