AXA Mansard Insurance Plc plans to open shares left untaken by existing shareholders under its proposed N18.3bn rights issue to other interested investors, creating an additional route for the insurer to complete its planned capital raise.
The company secured shareholders’ approval for the fundraising at its 34th Annual General Meeting held virtually on 9 October, 2026, according to resolutions signed by Company Secretary, Mabel Adewusi.
Under the approved arrangement, the insurer will issue new ordinary shares of N2 each to existing shareholders in proportion to their current holdings, subject to regulatory approvals.
However, shareholders who do not take up their entitlements could leave some of the shares available for allocation to other investors who have expressed interest in purchasing additional shares.
The board has been authorised to determine the final size of the offer, the number of shares to be issued, the offer price and other transaction terms.
The proposed
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