IEI Shareholders Approve N17.5bn Capital Raise for Recapitalization Plan

Intern Energy Insurance Plc shareholders have approved a N17.5 billion capital raise through various instruments, including private placements and public offers, as part of the company's recapitalization drive. The decision was made during an extraordinary general meeting where shareholders ratified the conversion of a N2 billion deposit to equity issuance of 1.25 billion new ordinary shares at N1.60 per share.

The move aims to strengthen the company's capital base and reinforce investor confidence. The board will update the memorandum and articles of association to reflect the enlarged share capital, subject to regulatory approvals.