By Aduragbemi Omiyale
Subscription for the N12.5 billion of VFD Group Plc rights issue has commenced, Business Post reports.
The exercise is part of the ways the leading proprietary investment company aims to raise N32.5 billion from the Nigerian capital market to increase its shareholder value, strengthen its market position, and support its strategic growth objectives through new strategic investment opportunities.
The rights issue opened on Friday, December 22, 2023, and will end on Friday, January 19, 2024, a notice from the Nigerian Exchange (NGX) Limited confirmed.
Existing shareholders of the organisation, who are the target audience of the rights issue, would only be qualified to partake in the exercise if they had the stocks in their portfolios as of the close of business on Thursday, October 12, 2023.
The company is offering qualified investors a total of 63,342,455 ordinary shares of 50 kobo each at N197.33 per share on the basis of one ordinary share for every existing three ordinary shares.
“Trading licence holders are hereby notified that trading in VFD Group Plc’s rights issue of 63,342,455 ordinary shares of 50 kobo each at N197.33 per share on the basis of one (1) ordinary share for every existing three (3) ordinary shares held as at October 12, 2023, opened on Friday, December 22, 2023,” the disclosure from the NGX stated.
The registrar for this transaction is African Prudential Plc and the rights issue has been assigned the trading symbol code of RR23VFD and an International Securities Identification Number (ISIN) of NGRR23VFD002, according to data obtained by this newspaper.
VFD Group, which joined the local stock exchange in 2023, has footprints in banking, non-banking financial institutions, market infrastructure, technology, real estate, hospitality, media, entertainment, and energy.
Adedapo Adesanya 
Modupe Gbadeyanka