• Thursday, May 30, 2024
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Access Bank seeks approval for up to N68bn naira rights issue


AccessBankAccess Bank has filed for regulatory approval to raise up to N68 billion ($415 million) through a rights issue after the proposal was given the green light by shareholders, the lender said on Tuesday.

At a shareholder meeting on Monday, Access Bank said it will issue 7.64 billion shares at 8.90 naira each to existing shareholders to bolster core capital and support its lending business.

The bank expects to secure regulatory approval from the Nigerian Securities and Exchange Commission in mid-November and conclude the share sale by the end of the year, a draft offer timetable seen by Reuters shows.