Flour Mills of Nigeria will market a share sale to existing investors on Jan. 15 to raise N39.86 billion (130 million dollars).
The Nigeria Stock Exchange has granted the approval for the right issue.
The flour and pasta maker will offer 1.47 billion shares at 27 naira a piece, an 18.2 per cent discount to Thursday’s market price of 33 naira
It will offer nine new shares for every 16 already held via the rights issue.
Flour Mills shares which climbed 57 per cent last year, has gained 15 per cent so far in January valuing the company at 87 billion naira (284 million dollars).
However, they shed 1.2 per cent on Thursday.
The offer ends on Feb. 21.