Stanbic IBTC Holdings Plc on Wednesday listed 601.03 million new ordinary shares of 50 kobo each at the Nigerian Stock Exchange (NSE).
The additional shares of 601.03 million ordinary shares of 50 kobo each resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of N2 final dividend declared for the financial year ended last December 31.
With the listing of the additional shares, the total issued and fully paid up shares of Stanbic IBTC Holdings increased from 10.50 billion ordinary shares of 50 kobo each to 11.106 billion ordinary shares of 50 kobo each.
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Shareholders of the holding company had approved a convertible dividend policy that allows willing shareholders to convert their cash dividends, final or interim, to ordinary shares in the company.
The conversion is usually through an approved framework based on existing pricing at the secondary market.