VFD Group successfully completed its capital raise exercise in December 2018, gathering NGN 2.78billion from rights issuance and private placements against the original NGN 2billion target.
The Group had planned to raise NGN 1billion from existing shareholders via rights and the other NGN 1billion via private placement from new shareholders.
The offer opened on December 3, 2018, with Kairos Capital Limited acting as the financial adviser, and closed on December 31, 2018. Despite the short timelines, the capital raise was successful, as it was oversubscribed by 39% on both counts. This oversubscription is indicative of the confidence existing and new shareholders have in VFD Group.
This new funding will enable the Group pursue its mapped out goals for this financial year as agreed by the shareholders at the last Annual General Meeting (AGM), one of which is the goal to establish a presence in every key sector of the financial services industry, including banking. This is coming on the heels of the Group’s plans of conversion to a Public Limited Liability Company.
The considerations of the offer will be presented at the next meeting of the Group’s Board of Directors.
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