Company News
Geregu Power to Raise N40 Billion Via Bond
Geregu Power has received regulatory approval to list N40 billion bonds on the FMDQ’s daily quotations and listing page.
Billionaire Femi Otedola-owned power generating company Geregu Power has received regulatory approval to list N40.09 billion bonds on the FMDQ’s daily quotations and listing page.
Akinleye Olagbende, Company Secretary, Geregu Power disclosed in a statement obtained by Investors King on Friday.
The statement reads, “Geregu Power Plc (the Company) hereby notifies the Nigerian Exchange Limited and the Investing public that the Company has obtained the approval to list the N40.09Billion Series 1 Fixed Rate Senior Unsecured Bond (the ‘Bond’) on FMDQ Securities Exchange.
“Arising from the foregoing, the Bond will be added on the FMDQ’s daily quotations and Listings Page on the FMDQ Exchange website after which the Bond shall be admitted for trading.”
Last week, Geregu Power became the first power-generating company to list on the Nigerian Exchange Limited (NGX) after listing 2.5 billion shares of 50 kobo at N100 a unit.
Geregu Power’s bond issuance started in July 2022 when it raised N40.08 billion via Senior Unsecured Bonds under its N100 billion multi-instrument issuance programme at 14.5%.
The company is now raising the second tranche of its N100 billion multi-instrument issuance programme.
According to Akin Akinfemiwa, the Chief Executive Officer of Geregu Power, the new capital would help support the company’s capital investments.