Unilever Nigeria’s 58.85 billion-naira ($187 million) rights issue was 120 percent subscribed, the company said on Wednesday.
The local subsidiary of Anglo-Dutch consumer goods group Unilever , said in a statement it sold 14 new new shares for every 27 held at 30 naira each.
The company, which is 60.05 percent owned by Unilever, said four shareholders applied for 50 million shares or more during the offer.
Unilever had said it would take up its rights under the offer to maintain its shareholding and not convert a loan made to the subsidiary into equity.
The Nigerian firm wants the proceeds of the sale to pay off around $120 million in loans and to give it some flexibility in the event of a further weakness in the naira’s exchange rate.
Unilever Nigeria’s existing shares were trading unchanged at 44.11 naira on Wednesday, up about 26 percent so far this year.