By Ajibola Olaide, JKNMedia Reporter
PLANS HAVE been finalized by the Fidelity Bank Plc to secure up to ₦127.1 billion through a combined Rights Issue and Public Offer, aiming to bolster its share capital base in line with the Central Bank of Nigeria (CBN)’s revised minimum capital requirements for commercial banks.
This strategic move, according to a statement issued, is set to enhance the bank’s capacity for sustained growth and earnings diversification.
A signing ceremony for the Combined Offer took place on June 5, 2024, at Fidelity Bank’s headquarters in Lagos, following the shareholder approval granted at the Extra-Ordinary General Meeting on August 11, 2023.
Under the Rights Issue, the bank will offer 3.2 billion ordinary shares at 50 kobo each to existing shareholders at a price of ₦9.25 per share, on a 1-for-10 basis as of January 5, 2024.
Additionally, the Public Offer will make 10 billion ordinary shares available to the general public at ₦9.75 per share.
This initiative is part of Fidelity Bank’s broader strategy to meet regulatory requirements and support its long-term growth objectives.
