C&I Leasing secures N3.24bn rights issue approvals from SEC

By Omobayo Azeez

C&I Leasing Plc’s proposed rights issue to raise about N3.24 billion has been approved by the Securities and Exchange Commission (SEC).

This is according to the company’s plan to raise and inject fresh capital into its operations to boost future performance.

According to disclosure, the company plans to make the right issue of 539,003,333 ordinary shares of N0.50 each at N6.00 per share, on the basis of four new ordinary shares for every three ordinary shares held.

It stated on Wednesday, September 4 as the qualification date for the right issue.

“Subject to the approval of the executed offer documents by the SEC, the application list is expected to open on the 11th of November 2019 or any other date approved by the Commission and shall open for a maximum period of 28 days.”

It promised to distribute Rights circular to shareholders while application forms would also be made available on the website of the company’s Registrars for ease of access.

“Rights circular will be distributed to shareholders while application forms would also be made available on the website of the company’s Registrars for ease of access.

“Esteemed shareholders are advised to contact their stockbrokers and other financial advisers for more details on the offer,” the company said in a statement signed by its Secretary, Mbanugo Udenze.

C&I Leasing had on September 4, 2019, submitted an application to the Nigerian Stock Exchange (NSE) through its stockbroker, CSL Stockbrokers Limited, for the approval and listing of a Rights Issue of the shares.