Oando to raise $193 mln to fund ConocoPhillips deal

Wed Dec 18, 2013 8:41am EST
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LAGOS Dec 18 (Reuters) - Nigerian energy firm Oando is offering 30.75 billion naira ($193 mln) in shares on Wednesday to help fund the purchase of ConocoPhillips' Nigerian assets, bankers close to the deal told Reuters.

Oando agreed to buy the U.S. oil firms' Nigerian business for $1.79 billion a year ago but the deal has been delayed because the Nigerian firm struggled to raise finance.

Oando will issue 2.05 billion shares at 15 naira per share to institutional investors in a one-day special placement, two banking sources said.