Fidelity Bank secures approval to issue 3.04bn ordinary shares by private placement

Adebayo Obajemu

Fidelity Bank Plc has got the approval of its shareholders to issue its unissued ordinary shares by way of the private placement.

This was approved at the Bank’s Extra-Ordinary General Meeting on Thursday, September 29, 2022.

The Board of Directors of the Company has been authorised to issue, by way of Private Placement, the 3,037,414,308 unissued Ordinary Shares of 50 kobo each in the share capital of the Company (being not more than 30% of the Company’s existing issued shares and paid up capital) to potential investors.

The disposal of the Company’s outstanding N3.04 billion unissued Ordinary Shares of 50Kobo would enable the Bank to raise more capital for growth.