Fidelity Bank Plc has officially applied for approval and listing of a Rights Issue, comprising 3.2 billion ordinary shares at N10 per share on the Nigerian Exchange Limited. If greenlit, the Rights Issue aims to generate approximately N32 billion from the bank’s existing shareholders.
According to the Nigerian Exchange Limited’s weekly report, Fidelity Bank submitted the request through its Stockbrokers, APT Securities & Funds Limited. The Rights Issue proposal entails a ratio of one new ordinary share for every ten existing ordinary shares held as of the close of business on Friday, January 5, 2024, marking the qualification date for the offering.
Previously, on August 11, 2023, the NGX had listed 3,037,414,308 ordinary shares of 50 Kobo each from Fidelity Bank at N4.60 per share, following a Private Placement that amounted to about N13.972 billion. Last year, the bank had announced plans to raise additional capital through a combination of a public offer and a Rights Issue, involving the issuance of 13,200 billion ordinary shares.
The statement outlined, “The issued share capital of the company, currently N16 billion made up of 32 billion ordinary shares of N0.50 each, be increased up to N22.6 billion by the creation of up to 13,200 billion additional ordinary shares of N0.50 each.” This strategic move to enhance the capital base preceded the Central Bank of Nigeria governor, Dr. Olayemi Cardoso’s announcement of the planned recapitalization exercise for banks at the Annual Bankers’ Dinner in Lagos.
The banking sector has witnessed heightened activities on the local bourse since the announcement, and Fidelity Bank closed Friday’s trading on the NGX at N14.2 per unit, reflecting a notable 6.36% appreciation over the previous day’s price and marking the highest price for the equity in the last seven days.
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