C&I Leasing Requests Approvals For N3.23bn Rights Issue

C&I Leasing Plc has submitted an application for approval to the Nigerian Stock Exchange for its proposed N3.23bn rights issue.

The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, said in a statement on Thursday that C&I Leasing had through its stockbroker, CSL Stockbrokers Limited, submitted an application to the Exchange for the approval and listing of a rights issue of 539,003,333 ordinary shares of 50 kobo each at N6 per share.

The statement said the rights issue was on the basis of four new ordinary shares for every three ordinary shares held.

This brings the total amount to be raised through the rights issue to N3.23bn.

The Chairman, C & I Leasing, Chief Chukwuma Okolo, had in July said the company planned to inject fresh capital into its operations to boost future performance.

Okolo stated that the fresh capital would be through rights issue and conversion of Aureos $10m loan stock into equity before the end of the year.

The NSE said the qualification date for the rights issue was on September 4.