Home Business Banking & Finance Fidelity Bank opens public offer, rights issue Thursday

Fidelity Bank opens public offer, rights issue Thursday

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Nigeria’s sixth largest bank, Fidelity Bank Plc will on Thursday, 20 June 2024 open its public offer and Rights Issue.

As part of this capital raising process, Fidelity Bank will same Thursday, 20 June 2024 at the NGX hold a Facts Behind the Offer presentation.

According to an article posted on the Businessday website and authored by Iheanyi Nwachukwu, 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 5 January 2024, at N9.25 per share under the Rights Issue,

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, 20 June will close on Monday 29 July 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).

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 on 28 March 2024.

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