The Nigerian Stock Exchange on Monday has included Transcorp Hotel’s 2.64 billion ordinary shares in it’s official list of Exchange. The shares according to NSE rose from the company’s rights issue of 2.66bn ordinary shares of 50 kobo each at N3.76 kobo per share.
Report released by the NSE revealed that as at July 13, 2020, the ordinary shares held was on the basis of seven new ordinary shares which on a long run became 20 ordinary shares.
The hotel’s rights issue was 99.34 percent with an additional increase of 2.64 billion ordinary shares which prompted an overall increase from 7.60 billion to 10.24 billion ordinary shares of 50 kobo each.
As a result of this increase, shareholders and owners of Transcorp Hotel in Nigeria and across board recently directed its Board of Directors to raise 10 billion naira to secure its proposed rights issue as well as maintain its status on NSE’s balance sheet.
In an extraordinary general meeting held at Transcorp’s, a 2.66 billion ordinary shares at 50 kobo each was issued to the shareholders, which according to report is based on seven new ordinary shares for every 20 ordinary shares of 50 kobo, and each held at a price of N3.76 per share.