Zenith Bank eyes N188.3bn from Rights Issue

Zenith Bank Plc has applied to the Nigerian Exchange (NGX) Limited seeking approval to sell 5.23 billion shares by way of rights issue to raise N188.37 billion from existing shareholders. The qualification date for the rights issue is July 24.

Zenith Bank plans to list a rights issue of 5,232,748,964 ordinary shares of 50 Kobo each at N36 per share on the basis of one (1) new ordinary share for every six (6) existing ordinary shares held as at the close of business on Wednesday July 24, 2024.

Zenith Bank applied for the approval through Stanbic IBTC Stockbrokers Limited, the lender’s its stockbroker, according to a statement by Godstime Iwenekhai, head of the issuer regulation department at NGX,