Transcorp Hotels set to Raise N10 billion by Rights Issue

Transcorp Hotels Plc, the owners of the flagship Transcorp Hilton Abuja are looking to raise N10 billion by way of a Rights Issue, subject to obtaining the requisite regulatory approvals.
Transcorp Hotels said in a filing that the Board of Directors are authorized to issue up to 2.6 billion new shares at N3.76 per share on the basis of seven (7) new ordinary shares for every twenty (20) ordinary shares held by existing shareholders of the Company.
Advisers to the transaction are also set to be appointed.