Fidelity Bank Plc has concluded all necessary arrangements to raise a total of up to N127.1 billion by way of a rights issue and public 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 (CBN) on 28 March 2024.
Overall, the bank expects that the capital raised would support the bank’s efforts to drive sustained growth and diversification of its earnings base. The signing ceremony concerning the combined offer was held at the headquarters of Fidelity Bank in Lagos on Wednesday.
The bank’s shareholders had already approved the rights issue and public offer at the Extra-Ordinary General Meeting held on Friday, 11 August 2023. Under the rights issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of one new ordinary share for every 10 ordinary shares held as of 5 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, while 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.
