{
  "id": 9447534,
  "title": "NASD targets N12bn Rights Issue for growth, infrastructure",
  "url": "https://urgent.news/2026/09/24/nasd-targets-n12bn-rights-issue-for-growth-infrastructure-9447534",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T00:28:40.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/nasd-targets-n12bn-rights-issue-for-growth-infrastructure/"
  },
  "original_language": "en",
  "account": "The Nigerian Stock Exchange (NASD) has initiated a capital raising exercise through a Rights Issue, with an objective of raising N12bn. The primary purposes of this exercise are to bolster its equity base, meet regulatory capital requirements, and fund its progress towards a composite exchange structure. Under the terms of the issue, a Rights Issue is being offered at N25 per share, granting existing shareholders the opportunity to purchase four new ordinary shares for every five shares they already hold. The net proceeds from the exercise are expected to be N11.72bn after deducting issue expenses of N275.88m, assuming full subscription by eligible shareholders. A significant portion of these proceeds - N3.25bn, or 27.08%, will be used as working capital over the next 18 months. Another N300m, or 2.5%, will be allocated towards cloud trading systems and technological support over a 12-month period. The remaining N8.17bn, or 68.12%, will be invested in strategic portfolio investments to support future market-development initiatives. NASD Chairman Kenechi Ezezika highlighted that this recapitalisation marks a decisive step towards enhancing operational capacity within the domestic capital ecosystem. The offer is expected to expand NASD's issued share capital from 600 million to 1.08 billion ordinary shares, increasing the institution's post-issue market capitalisation to N27bn at the offer price of N25 per share.",
  "summary": "NASD Plc has commenced a N12bn Rights Issue to strengthen its equity base, satisfy regulatory requirements, and fund its transition into a composite exchan Read More: https://punchng.com/nasd-targets-n12bn-rights-issue-for-growth-infrastructure/",
  "key_points": [
    "NASD raises N12bn through Rights Issue for growth and infrastructure",
    "Existing shareholders can buy 4 new shares for every 5 held at N25 each",
    "Proceeds allocated to working capital, tech systems, and strategic investments"
  ],
  "editors_take": "This recapitalisation effort positions NASD for enhanced operational capacity within the domestic capital ecosystem, with a larger equity base and funds for strategic investments and technological upgrades.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Punch Nigeria",
        "title": "NASD targets N12bn Rights Issue for growth, infrastructure",
        "url": "https://urgent.news/2026/09/24/nasd-targets-n12bn-rights-issue-for-growth-infrastructure",
        "published": "2026-09-24T00:24:41.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}