The Nigerian Stock Exchange (NSE), on Monday, announced its approval of the bid by UACN Property Development Company Plc (UPDC) to raise N15.961bn by way of rights to existing shareholders.
The amount, according to the application submitted through Stanbic IBTC Stockbrokers Limited, is being sought through the issuance of 15,961,563,260 ordinary shares of 50 kobo each at N1.00 per share.
The shares, which would be listed subsequently, are being issued on the basis of 43 new ordinary shares for every seven held, and has September 30, 2019, as Qualification Date, according to the statement by Godstime Iwenekhai, Head, Listings Regulation Department of the NSE (READ MORE).