NASD begins N12bn rights issue to support expansion plans
NASD Plc has begun a N12bn rights issue aimed at strengthening its equity base, meeting regulatory requirements and financing its transition into a composite exchange. Punch Nigeria reported the fundraising plans, but the available material does not provide the offer price, timetable, eligibility terms or expected completion date.
NASD Plc has commenced a N12bn rights issue, according to Punch Nigeria. The company said the fundraising is intended to strengthen its equity base and help it satisfy regulatory requirements. It will also support NASD’s planned transition into a composite exchange.
The rights issue forms part of the company’s plans to provide funding for growth and infrastructure. The available report does not explain what specific infrastructure projects will be financed. It also does not state the offer price, the number of shares involved, the subscription period or the shareholders eligible to participate.
No further financial details were provided in the supplied material.
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