LAGOS Feb 18 Nigerian energy firm Oando
said on Tuesday is shareholders had approved plans to
raise 250 billion naira ($1.54 billion) through a combination of
rights issues, bonds and global depository receipts.
Of that, 50 billion would be in a rights issue, the company
said in a filing through the Nigeria stock exchange.
The oil and gas company said the extra ordinary general
meeting of its shareholders also agreed to increase its share
capital base to 7.5 billion naira, from 5 billion naira
Its shares were up 3.7 percent to 21 naira per share by 1324
Last month Oando announced plans to raise 250 billion naira
to fund a $1.79 billion acquisition of a ConocoPhillips
Nigerian oil field, causing Oando's shares to fall sharply.
The company, which is also listed in Toronto and
Johannesburg, has been struggling to raise the capital
needed to close the deal.
Oando has paid a $450 million deposit for the acquisition
and has a balance of about $1.23 billion to pay, it has said.