Guinness Nigeria’s 39.70 billion naira ($126 mln) share sale to existing shareholders was 116 percent subscribed, the company said on Wednesday.
The brewer, the local unit of the world’s leading spirit maker Diageo, said in a statement it sold five new shares from the company to shareholders for every 11 held, at 58 naira each.
The company, which is 54 percent owned by Diageo, said two shareholders applied for 50 million shares and above during the rights issue.
Diageo has said it was willing to take up its rights in the share issue to maintain its shareholding.
The company had been seeking to raise funds to strengthen its balance sheet after it posted its first annual loss in 30 years in the 12 months to June 2016.
Guinness Nigeria shares traded flat on Wednesday at 98.55 naira on the Lagos bourse, up about 18 percent so far this year.
In July, Guinness Nigeria presented a detailed breakdown of its plans to raise N39,700,688,598 by way of rights issue to its existing shareholders.
The company shared details of the rights issue programme at a presentation which was held at the Nigerian Stock Exchange, Lagos.
According to the company, a total of 684,494,631 ordinary shares of 50 kobo each will be offered to existing shareholders in the ratio of five new ordinary shares for every eleven ordinary shares held by shareholders whose names appeared on the register of members of the Company at the close of business on Wednesday, 15 March, 2017.
Stanbic IBTC Capital Limited is the issuing house to the offer which opened on Monday 24 July, 2017 and will close on Wednesday 30 August, 2017.