Fidelity Bank Plc has announced plans to raise capital via a combination of a public offer and a rights issue.
The tier 2 bank made this announcement via a press release on the NGX.
At the current share price of N7.3, the sale could fetch the bank fresh capital of about N96.3 billion.
Fidelity Bank says it is to raise its share capital to N22.60 billion as the company looks to explore strategic growth.
This was disclosed in a statement signed by Company Secretary Ezinwa Unuigboje which was sent to Nigeria Exchange Limited.
An excerpt from the statement reads:
The company noted that the decision to raise share capital is in view of strategic growth as the company aims for increased profitability, expansion (domestic and international) and enhancement of its digital capabilities.
The proposed resolutions are aimed at ensuring that the company can take advantage of emerging business opportunities and secure long-term profitability and competitive advantage while ensuring increased shareholder value.
The share capital increase is subject to adoption at the company’s Extra Ordinary General meeting are being presented for shareholders’ approval.
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