Fidelity Bank has announced an extension of its public offer and rights issue deadline to August 12, following approval from the Securities and Exchange Commission (SEC). The total offer size has been increased from N127.1 billion to N205.45 billion, with the creation of 8.2 billion shares.
Details of the Extended Offering
The bank aims to accommodate potential oversubscriptions by extending the offering period. Out of the 8.2 billion shares, 5 billion will be allocated to the public offering at N9.75 per share, while 3.2 billion shares will be for the rights issue at N9.25 per share. Fidelity Bank expects to raise approximately N78.35 billion through the extended offering, which began on June 12.
Ongoing Capital Raise Initiatives in the Banking Sector
Several banks are currently engaged in capital-raising activities through rights issues and public offers, collectively aiming to raise around N1.36 trillion. This simultaneous effort marks a significant milestone in Nigerian stock market history.
GTCO Holdings Public Offer
GTCO Holdings is progressing with its N400.5 billion public offer, intending to issue 9 billion shares at N44.50 each.
Access Holdings Rights Issue
Access Holdings is conducting a N351 billion rights issue, offering approximately 17.772 billion shares at N19.75 per share. The rights issue is structured as one new ordinary share for every two existing shares held as of June 7, 2024.
FCMB Group Public Offer
FCMB Group initiated its N110.9 billion public offer on July 29, offering 15.197 ordinary shares at N7.30 per share.
Zenith Bank’s Upcoming Share Offering
Zenith Bank is set to launch a N290 billion share offering program that combines rights issues and a public offer, scheduled to begin on August 1st.