As part of its effort at strategic growth and enhancement of its digital capabilities, Fidelity Bank Plc has announced plans to raise capital via a combination of a public offer and a rights issue.
In a statement signed by Company Secretary Ezinwa Unuigboje, released on the NGX, the tier -2 bank revealed that at the current share price of N7.3, the sale could fetch the bank fresh capital of about N96.3 billion.
Fidelity Bank says it is to raise its share capital to N22.60 billion as the company looks to explore strategic growth.
“The issued share capital of the Company currently at N16,000,000,000.00, made up of 32,000,000,000 Ordinary Shares of N0.50 each, be increased up to N22,600,000,00.00 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 authorized 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.
