VFD Group Plc, which won NGX Listed Company of the Year, recently announced that it has gotten approval from the Securities and Exchange Commission (SEC) for its proposed rights issue of 63.342 million ordinary shares of 50 kobo each at N197.33 per share.
The firm rights issue valued at N12.499 billion is based on one new ordinary share for every three existing ordinary shares held as of the close of business on October 12, 2023.
The announcement was made in a notice signed by the group company secretary, Gbeminiyi Shoda, where he stated that,
- VFD Group Plc is pleased to notify its shareholders, stakeholders, Nigerian Exchange, and the general public that the Company has obtained approval from the Securities Exchange Commission to offer to the shareholders the proposed rights issue of 63.342 million ordinary shares of 50 kobo each at N197.33 per share based on one new ordinary share for every three existing ordinary shares held.
The statement also added that the qualification date for the rights issue was October 12, 2023, and the application list opened on December 20, 2023, as approved by the commission, and will open for a maximum period of 31 days.
VFD Group raised an additional capital of N4.1 billion in 2021 through a rights issue to support its ongoing expansion plans. Also, the firm emerged as NGX Listed Company of the Year. Because of its record, VFD Group added N46.5 billion to the market capitalization at NGX, which boosted liquidity at the Nigerian capital market and created wealth creation for investors.
Speaking on the award from NGX, Nonso Okpala, the Group managing director of VFD Group, said that the award was a great step in recognizing the potential of the group's participation in the market.
Read more: https://www.investingport.com/vfd-group-plc-n12499-billion-right-issues-get-approval-from-sec/