December 3, 2014 / 12:12 PM / in 4 years

Nigeria's Oando starts marketing to raise $267 mln equity

LAGOS, Dec 3 (Reuters) - Oando Plc on Wednesday started marketing a 48.7 billion naira ($267 million) share sale to raise capital from existing shareholders, the Nigerian energy company said.

It said in a notice it would sell 2.2 billion shares at 22 naira each via a rights issue at a ratio of one new share for every four held as at July 25.

Oando, which is also listed in Toronto and Johannesburg, was trading at 20.43 naira at 1146 GMT, a 7.1 percent discount to the rights price.

In June, Oando completed a $1.65 billion acquisition of ConocoPhillips’ Nigerian assets to boost its oil production base.

It has since gotten shareholders’ approval to raise up to 250 billion naira ($1.37 bln) through a combination of rights issues, bonds and global depository receipts to boost working capital and pay off existing debt.

It said the rights issue would close on January 14, 2015.

1 U.S. dollar = 182.40 naira Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha

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