Unilever plans to raise N63m through Rights Issue

Unilever Nigeria PLC has disclosed that it plans to raise its authorised capital base at the forth coming annual General meeting in May 2017. At the meeting the company will seek its shareholder approval to raise N63 billion through a rights issue, an opportunity for existing shareholders to increase their stake in the company. The household products maker also said it would seek approval to increase its authorised share capital to N5 billion by creating an additional 3.95 billion new ordinary shares of 50 kobo each.
The local unit of Unilever plans to seek a vote at a shareholder meeting on May 11, it said in a notice, adding that it would also ask for approval to convert shareholder loans to stock as part of the share sale.