Flour Mills of Nigeria has filed application to the stock exchange to raise 39.86 billion naira ($127 million) via a share sale to existing shareholders, the bourse said on Friday.
The flour manufacturer plans to sell 1.47 billion ordinary shares at 27 naira, a 21 percent discount to Friday’s market price of 34.13 naira. It would offer nine new shares for every 16 already held via rights issue.
