Oando Plc has reduced the price of its Rights Issue from N22.00 to N16.50, while it increased the volume of shares to 2.956 billion. The integrated oil company, which is listed on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE) said in a statement yesterday that the reduction in price was to reflect the current bearish condition of the Nigerian stock market.
Oando has embarked on the capital raising exercise with the intention of raising N48 billion from existing shareholders by issuing 2.217 billion shares in a ratio of one for every four shares at N22 per share.
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