Fidelity Bank has finalized necessary arrangements to raise a total of up to ₦127,100,000,000 by way of a Rights Issue to existing shareholders and a Public Offer.
The combined offer was part of the bank’s strategy to meet the revised capital requirement for commercial banks by the Central Bank of Nigeria (CBN).
The bank reported this in a statement made available to newsmen on Wednesday in Lagos and also explained that the offer will also support the sustainability growth and diversification of its earning base.
It was also revealed that its shareholders had already approved the rights issue and public offer at its Extra Ordinary General Meeting held on Aug 11, 2023.
“Under the rights issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of one new ordinary share for every 10 ordinary shares held as of January 5, 2024, at ₦9.25 per share, totaling ₦29.6 billion. For the public offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at ₦9.75 per share, totaling ₦97.5 billion.
“The rights circular for the issue, which contained a provisional allotment letter and the participation form, would be mailed directly to shareholders of the Bank. The printed copies of the public offer prospectus could be obtained at the offices of Fidelity Bank and the issuing Houses during the public offer application period.”
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