• Wednesday, July 24, 2024
businessday logo

BusinessDay

Fidelity Bank public offer, rights issue to open Thursday June 20

Here’s how Fidelity Bank wants to spend offer proceeds

Nigeria’s 6th largest bank, Fidelity Bank Plc will on Thursday, June 20 open its public offer and Rights Issue.

As part of this capital raising process, Fidelity Bank will same Thursday June 20 at the NGX hold a Facts Behind the Offer presentation.

Read also: VFD Microfinance bank unveils new management team

Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at N9.25 per share.

For the Public Offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share.

Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst 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 which will open on Thursday, June 20 will close on Monday July 29, 2024.

The bank recently concluded all necessary arrangements to raise a total of up to N127.100billion by way of a Rights Issue to existing shareholders and a Public Offer (the Combined Offer).

Read also: World Bank to CBN: Interest rates hike not enough to tame inflation

The Combined Offer is a part of the 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.