Fidelity Bank moves to raise N96.3 billion capital

Fidelity Bank said it has begun the process to raise up to N96.3 billion additional capital through issuance of 13,200 billion ordinary shares.

Already, the Bank has filed a notice to this effect with the Nigerian Exchange Limited, according to the Company Secretary, Ezinwa Unuigboje.

The company revealed it would raise the funds via a combination of public offer and a rights issue.

At the current share price of N7.3, the capital raise could fetch the bank fresh funds of about N96.3bn.

The statement said, ‚ÄúThat the issued share capital of the company currently N16bn made up of 32 billion ordinary shares of N0.50 each, be increased up to N22.6bn by the creation of up to 13,200 billion additional ordinary shares of N0.50 each.”

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