Société Générale Ghana Ltd. is seeking to raise 170 million Ghanaian cedis via a renounceable rights issue.

The bank, a unit of Paris-based Société Générale SA, plans to offer 208,570,990 ordinary shares of no par value at 81 pesewas per share. Shareholders can subscribe to 1 new share in the offer for every 2.4 shares held.

The offer will run from Oct. 3 through Oct. 24, with the new shares set to be allotted Oct. 31.

The bank said proceeds from the offering will be used for working capital purposes.

African Alliance Securities Ghana Ltd. serves as a financial adviser and sponsoring broker on the offering.

As of Sept. 7, US$1 was equivalent to 4.74 Ghanaian cedis.