Fidelity Bank to open public offer, rights issue June 20
By Jeffrey Agbo
Fidelity Bank Plc will on June 20 launch its public offer and rights issue as it seeks to raise N127.1billion.
This is part of the bank’s strategy to meet the re-capitalisation threshold set by the Central Bank of Nigeria (CBN).
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 January 5, 2024, at N9.25 per share.
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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 what the bank refers to as 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 will close on Monday, July 29, 2024.
Fidelity Bank will on June 20 hold a Facts Behind the Offer presentation at the Nigerian Exchange (NGX) Group House in Marina, Lagos.
Fidelity Bank, Nigeria’s sixth largest bank, has an international operating licence from the CBN and thus would be looking to raise its capital base to N500bn within the next two years.
