Oando to seek shareholders' vote to raise 250 bln naira

Tue Jan 28, 2014 6:47am EST
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LAGOS Jan 28 (Reuters) - Nigeria's Oando plans to seek shareholder approval to raise up to 250 billion naira ($1.5 bln) via debt or equity, the energy company said on Tuesday.

Oando plans to hold the shareholder meeting on Feb. 18, it said in a statement, adding that 50 billion naira of the amount will be offered to existing shareholders through a rights issue.

Last month the company, which is also listed in Toronto and Johannesburg, offered 30.75 billion naira ($193 mln) in shares to help it fund the acquisition of ConocoPhillips' assets in Nigeria.