Nigeria’s Fidelity Bank Plc to Launch Public Offer and Rights Issue on June 20

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Nigeria’s 6th largest bank, Fidelity Bank Plc, will open its public offer and Rights Issue on Thursday, June 20. As part of this capital-raising process, Fidelity Bank will hold a “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) on the same day.

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Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each will be offered at a ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, priced at N9.25 per share. For the Public Offer, 10 billion ordinary shares of 50 kobo each will be available to the general investing public at N9.75 per share.

Stanbic IBTC Capital is the Lead Issuing House for the Combined Offer, while the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited, and Planet Capital Limited.

The acceptance and application lists for the Rights Issue and Public Offer will open on Thursday, June 20, and close on Monday, July 29, 2024. Fidelity Bank has completed all necessary arrangements to raise up to N127.1 billion through the Combined Offer, consisting of a Rights Issue to existing shareholders and a Public Offer.

This Combined Offer is part of Fidelity Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks, introduced by the Central Bank of Nigeria (CBN) on March 28, 2024.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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