Flour Mills to raise 39.86 billion naira from stock market

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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.

-Reuters