lk UPDATE 1-Oando to raise $193 mln to fund ConocoPhillips deal
* Oando to issue 2.05 bln shares at 15 naira a share
* Equity will part-finance $1.79 bln Conoco deal
* Shares up 29 pct this year, flat on Wednesday
By Chijioke Ohuocha
LAGOS, Dec 18 (Reuters) - Nigerian energy firm Oando is offering 30.75 billion naira ($193 mln) in shares on Wednesday to help it buy ConocoPhillips' assets in Nigeria, bankers close to the deal told Reuters.
Oando, which is also listed in Toronto and Johannesburg, agreed to buy the U.S. oil company's Nigerian business for $1.79 billion a year ago. The deal was delayed by difficulties raising finance.
Oando will issue 2.05 billion shares at 15 naira per share to institutional investors in a one-day special placement on Wednesday, two banking sources said. Proceeds from the share sale will help to finance the acquisition. Oando also has commitments for several hundred million dollars in bank loans.
The company hopes the acquisition will help it make the transition from a marketer of refined petroleum products into an upstream business focused on oil and gas exploration and production.
Shares in Lagos trading for Oando were flat at 16.10 naira at 1350 GMT. The stock has gained 29.5 percent so far this year. Continued...