Fidelity Bank Plc to raise additional capital via IPO, Rights Issue

Fidelity Trust Bank Plc has notified the Nigeria Exchange and the investing public that it intends to raise fresh fund via Rights Issue.

In a notice of an Extra-Ordinary General Meeting (EGM) scheduled to hold in August 11, 2023, the following resolutions are meant to be passed:

  • That the issued share capital of the Company currently N16,000,000,000.00 (Sixteen Billion Naira) made up of 32,000,000,000 Ordinary Shares of N0.50 each, be increased up to N22,600,000,00.00 (Twenty-two Billion, Six Hundred Million Naira) by the creation of up to 13,200,000,000 (Thirteen Billion, and Two Hundred Million) additional Ordinary Shares of N0.50 each.
  • That the Company undertakes a capital raising exercise via a Public Offer for up to 10,000,000,000 Ordinary Shares and Rights Issue of up to 3,200,000,000 Ordinary Shares representing 1 (one) new share for every ten (10) shares held, to new and existing shareholders respectively
  • That the Board of Directors of the Company be and is hereby authorised to allot the shares issued in accordance with resolution (2) above, which shall rank pari-passu with the Company’s existing issued shares, subject to the receipt of relevant regulatory approvals.

The Bank is on a strong growth trajectory and requires additional capital for increased profitability, expansion (domestic and international) and enhancement of its digital capabilities. Advances in technology, the rapid evolution of the business of banking and changes in the operating landscape make it imperative that the Bank remains agile, adaptable and properly positioned to respond appropriately to developments, whilst remaining a competitive and forward looking institution.

Source: Fidelity Bank Plc to raise additional capital via IPO, Rights Issue – StocksWatch (stocksng.com)

Related Posts

03

Nov
Business & Economy

ELITE WEALTH PLACEMENT FUND

Welcome to the Elite Wealth Placement Fund – a bespoke investment vehicle designed exclusively for high-net-worth individuals seeking attractive and tailored placement opportunities. Our fund is managed by a team of seasoned financial experts with a proven track record of delivering superior returns, while prioritizing risk management and long-term wealth preservation. As an exclusive member, you will […]

03

Nov
Business & Economy

PZ Cussons Nigeria Plc reports N113bn revenue, boosts profit after tax by 114% in one year

The Audited Financial Statement of PZ Cussons for the year ended 31 May 2023 show significant growth in the Company’s bottom line figures with 114% growth in its profit after tax for the 12 months period. The Group reported revenue of N113.964 billion for the 12 months period, up by 14.53% from N99.503 reported the previous year.[…]