Fidelity Bank to raise N32bn through rights issue

Fidelity Bank Plc has requested for approval to list Rights Issue of 3.2 billion ordinary shares of 50 kobo each at N10 per share on the Nigerian Exchange Limited.

If approved, the Rights Issue will see the lender raise about N32bn from existing shareholders.

The NGX said that the financial institution sought approval through its Stockbrokers, APT Securities & Funds Limited.

It was revealed that the Rights Issue will be “On the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, 5 January 2024. The qualification date for the Rights Issue is 5 January 2024.”

On August 11, 2023, the NGX had listed 3,037,414,308 ordinary shares of 50 Kobo each of the bank at N4.60 per share offered through a Private Placement. The shares were valued at about N13.972bn.