The diversified chemicals and fertiliser maker flagged that its board had decided to issue 100 million shares at a subscription price of R20 a rights offer share to address its escalating debt.
It said shareholders backed the rights offer after it was approved at a general meeting last month.
Omnia chairperson Ralph Havenstein said the willingness of the asset managers to underwrite and price in advance of a rights offer circular being issued had allowed them to remove uncertainty around the process and to set the subscription price.
“As a result, the need for the standby underwrite agreement concluded with our banks fell away. Receiving support from prominent asset managers who represent our shareholders Allan Gray, Coronation, Foord, Kagiso, Old Mutual and Prudential affirms the investment case for Omnia as we continue to strengthen our financial position and execute on our strategy,” Havenstein said.