Nigeria, April 30 -- Oil driller Oando Plc said Wednesday it is on course to secure regulators' nod for its planned share sale to shareholders, through which it is looking to sell 4.4 billion ordinary shares at N50 per unit on the basis of 1 new share for every 2 existing shares.

The energy company, which is listed in Lagos and has a cross-border listing in Johannesburg, hopes to raise N220.8 billion at the end of the transaction to strengthen its balance sheet, reduce debt, and finance upstream asset acquisitions.

Shares in the company climbed by 9.1 per cent to N47.5 per unit in Lagos but remained unchanged in Johannesburg, after the news went public.

The company submitted an application for the approval and listing of the rights iss...