Fidelity Bank Launches Capital Boost with Public Offer and Rights Issue

Fidelity Bank Launches Capital Boost with Public Offer and Rights Issue

 

Fidelity Bank Plc, Nigeria’s sixth-largest bank, is set to bolster its capital base with a public offer and Rights Issue starting Thursday, June 20, 2024. T

he bank will also host a detailed presentation at the NGX to elucidate the Facts Behind the Offer. The Rights Issue will present 3.2 billion shares at N9.25 each, while the public offer will release 10 billion shares at N9.75 each, with Stanbic IBTC Capital leading the charge alongside other notable issuing houses.

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, June 20 will close on Monday July 29, 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 (CBN) on March 28, 2024.