NSE Lists Additional 377.4 million Shares of C&I Leasing

By Dipo Olowookere

Additional shares of C&I Leasing Plc have been listed on the trading platform of the Nigerian Stock Exchange (NSE).

The stocks were admitted to the NSE last Thursday and they arose from the rights issue of the company, which had a subscription level of 70.02 per cent.

C&I Leasing held a rights issue of 539,003,333 ordinary shares of 50 kobo each at N6.00 per unit on the basis of 4 new ordinary shares for every 3 ordinary shares held as at September 4, 2019.

However, of the total 539,003,333 ordinary shares offered for sale to existing investors of the firm, only 377,393,667 units were picked by shareholders.

These were the additional shares listed on the stock exchange on Thursday, July 23, 2020, according to a disclosure from the NSE.

This has increased the total issued and fully paid-up shares of C&I Leasing to 781,646,167 units from 404,252,500 units.

“An additional 377,393,667 ordinary shares of C&I Leasing Plc was listed on the daily official list of the Nigerian Stock Exchange on Thursday, July 23, 2020.

“The additional shares listed on the exchange arose from the company’s rights issue of 539,003,333 ordinary shares of 50 kobo each at N6.00 per share on the basis of 4 new ordinary shares for every 3 ordinary shares held as at September 4, 2019. The rights issue was 70.02 per cent subscribed.

“With this listing of the additional 377,393,667 ordinary shares, the total issued and fully paid-up shares of C&I Leasing Plc has now increased from 404,252,500 to 781,646,167 ordinary shares of 50 kobo each,” the notice from the NSE said.

Last year, C&I Leasing started the process of the rights issue and the exercise was earlier slated to end on Friday, December 27, 2019.

However, the firm approached the Securities and Exchange Commission (SEC) for an extension, which was granted and the rights issue was extended to Monday, January 13, 2020.