Dipo Olowookere
By Dipo Olowookere
The additional shares sold to investors from the rights issue of eTranzact Plc have been listed on the trading floor of the Nigerian Exchange Limited.
The fresh equities were admitted into the exchange on Monday, April 12, 2021, and they were 2,434,566,483 in total.
This development has now increased the total issued and fully paid-up shares of eTranzact to 6,634,566,483 from 4,200,000,000.
Business Post recalls that eTranzact, which operates in the highly competitive financial technology (fintech) industry, had intended to sell a total of 4,666,666,667 ordinary shares of 50 kobo each at N1.50 per unit on the basis 10 new ordinary shares for every nine ordinary shares held as at Wednesday, March 25, 2020.
However, the exercise was undersubscribed with only 52.17 per cent claimed by shareholders, which resulted in only 2,434,566,483 ordinary shares allotted.
Yesterday, the exchange informed the investing community, especially the stockbrokers, of the development, which resulted in the 0.37 per cent decline in the market capitalisation on Monday instead of the 0.40 per cent decline suffered by the All-Share Index (ASI).
“Dealing members are hereby notified that additional 2,434,566,483 ordinary shares of eTranzact Plc were on Monday, April 12, 2021, listed on the daily official list of the Nigerian Exchange Limited.
The additional shares listed on the exchange arose from the company’s rights issue of 4,666,666,667 ordinary shares of 50 kobo each at N1.50 kobo per share on the basis of 10 new ordinary shares for every nine ordinary shares held as at Wednesday, March 25, 2020. The rights issue was 52.17 per cent subscribed.
“With this listing of the additional 2,434,566,483 ordinary shares, the total issued and fully paid-up shares of eTranzact Plc has now increased from 4,200,000,000 to 6,634,566,483 ordinary shares of 50 kobo each,” the notice said.
