Fidelity Bank says it has concluded all necessary arrangements to raise a total of N127.1 billion through rights issue to existing shareholders and a public offerthe bank said its board approved that N29.6 billion would be raised through rights issue, while N97.5 billion would come from a public offer.
“Overall, the Bank expects that the capital raised would support the Bank’s efforts to drive sustained growth and diversification of its earnings base.“Under the rights issue, 3,200,000,000 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 ₦9.25 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.
On his part, Oladele Sotubo, chief executive of Stanbic IBTC Capital, commended Fidelity Bank’s management team for their commitment towards executing the combined offer.