NASD Right Issue Opens, Targets N165.5m

By Modupe Gbadeyanka

NASD OTC Exchange, on Monday, March 20, 2017, opened its Right Issue, hoping to raise about N165.5 million from the exercise, which closes on Friday, April 28, 2017.

NASD says proceeds from the exercise would be added to its capital base to meet up with the minimum capital of N500 million stipulated by the Securities and Exchange Commission (SEC), the market regulator.

Business Post reports that Capital Bancorp Plc is the lead issuing house to the NASD Plc Rights Issue, while Capital Assets Limited is the Joint Issuing House to the Rights.

Furthermore, United Securities limited is the Registrars, GTBank Plc is the receiving bank to the Rights Issue, while Dama Afabor & Co is the solicitors.

It was gathered that the firm is issuing 111,051,098 million ordinary shares of N1 each at N1.49k per share in the ongoing Rights Issue.

The NASD leased trading platform was recently acquired by the Nigerian Stock Exchange (NSE) from Nasdaq OMX, which allows for multilateral trading and continuous transaction reporting.

Clearing through this platform is provided by the Central Securities Clearing System (CSCS) while settlement is done by six appointed settlement banks for NASD OTC transactions.

The Rights Issue will allow the SEC registered Over-The-Counter (OTC) securities exchange to achieve its strategic objectives around New Trading Platform.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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