Fidelity Bank Plc witnesses a notable 31% Week-on-Week surge in its stock price, reaching N14.20 per share from its 2024 opening value of N10.85 per share.Thank you for reading this post, don't forget to subscribe!
This significant appreciation follows the bank’s strategic move to list 3.2 billion ordinary shares at N10 per share through a rights issue on the Nigerian Exchange Limited (NGX).
In documents obtained by THISDAY, Fidelity Bank, represented by its stockbrokers APT Securities & Funds Limited, has submitted an application to NGX for approval of the Rights Issue.
Shareholders’ approval to increase the bank’s share capital from N16 billion to N22.6 billion sets the stage for the planned public offer.
The bank’s share capital is set for a substantial boost with the creation of 13.2 billion additional ordinary shares, each valued at N0.50.
Fidelity Bank aims to strengthen its financial position by launching a public offer for up to 10 billion ordinary shares, complemented by the rights issue allowing existing shareholders to acquire 3.2 billion ordinary shares. Notably, investors stand to gain one new share for every ten shares held.
The resolutions passed at the Extra-Ordinary General Meeting (EGM) empower Fidelity Bank’s Board of Directors to allocate the newly issued shares, enhancing the bank’s overall capital structure, contingent upon regulatory approval.