LAGOS (Reuters) – Lafarge Africa plans to seek shareholders’ approval next month to raise 140 billion naira ($445.86 million) and also convert some loans into equity as part of the capital injection, the company said on Monday.

The local business of Lafarge Holcim said it will seek approval to convert loans due from a shareholder to equity under the rights issue.

($1 = 314.0000 naira)

(Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Louise Heavens)