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NGX Group to raise N10bn via Rights Issue

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The Nigerian Exchange Group (NGX) has notified the investing public of its plan to raise fresh capital of N10 billion via Rights Issue.

In a notice available on NGX website, the Sixty-Third Annual General Meeting of Nigerian Exchange Group Plc will hold at the Event Centre, 20th floor, Nigerian Exchange Group House, 2- 4 Customs Street Lagos, on Monday, 29 April 2024 at 11:00 a.m.

Part of the resolutions that would be made at the AGM can be found below:

“That subject to obtaining the approval of the relevant regulatory authorities, the Directors of the Company be and are hereby authorised to raise capital of up to ₦10,000,000,000 (Ten billion naira) by way of Rights Issue, through the issuance of ordinary shares, on such other terms and conditions and at such time, as the Directors may deem fit or determine.

That the Company be and is hereby authorised to increase its share capital from ₦1,102,309,954 to ₦1,347,309,954 (or to otherwise increase its share capital to an amount sufficient to accommodate the Rights Issue).

That in the event of an under-subscription of shares at the Rights Issue, the shareholders hereby authorise the Directors to offer/issue any unsubscribed shares at a price not less than that specified in the Rights Issue Circular, in such manner as is beneficial to the Company.

That the Company be and is hereby authorised to offer/issue additional shares in the case of an oversubscription of shares at a price not less than that specified in the Rights Issue Circular in order to enable the Company raise an amount which exceeds the amount in resolution”.

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