Fidelity Bank has successfully surpassed its N127.1 billion target in its recent capital-raising effort, according to an announcement from the bank’s Managing Director, Nneka Onyeali-Ikpe.
The bank concluded its combined offer programme, which was part of the first phase of its capital-raise exercise, designed to align with the Central Bank of Nigeria’s (CBN) recapitalization directive.
Fidelity Bank became the first bank to launch a capital raising effort in line with the CBN’s recapitalization directive.
The bank launched a combined offer featuring 10 billion ordinary shares available at N9.75 through a public offer and 3.2 billion ordinary shares at N9.25 through a rights issue.
In an email to investors, Onyeali-Ikpe expressed gratitude, stating, “With the conclusion of the Combined Offer, I am delighted to announce that we have met and surpassed the capital-raise target we set for ourselves. It is both gratifying and humbling to note this level of investor confidence in the bank.”
Fidelity Bank had launched the programme featuring 10 billion ordinary shares available at N9.75 through a public offer and 3.2 billion shares at N9.25 through a rights issue.
Initially set to close on July 29, the offer was extended with approval from the Securities and Exchange Commission (SEC) due to oversubscription.
The extended offering saw the issuance of an additional 8.2 billion shares, with 5 billion shares sold in the public offer and 3.2 billion through the rights issue, bringing the total to 21.4 billion shares issued.
