Zenith Bank Plc has sought approval from NGX to sell 5.23 billion shares through rights issue to raise N188.37 billion.
Zenith Bank Plc has sought approval from the Nigerian Exchange Limited to sell 5.23 billion shares through rights issue to raise N188.37 billion.
According to a statement on Wednesday signed by Godstime Iwenekhai, head of the issuer regulation department at NGX, the qualification date for the rights issue is July 24.Stanbic IBTC Stockbrokers Limited, the lender’s its stockbroker.a rights issue “of Five Billion, Two Hundred and Thirty-Two Million, Seven
Hundred and Forty-Eight Thousand, Nine Hundred and Sixty-Four ordinary shares of 50 Kobo each at N36.00 per share on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Wednesday, 24 July 2024″.According to the company, the funds shall be raised through the issuance of ordinary shares, or preference shares, whether by way of private placement, rights issue or both.
The company also said the board would propose increasing its issued share capital — from N15,698,246,893.50 to N31,396,493,787 — at the AGM.Zenith Bank’s plan to raise capital comes after the Central Bank of Nigeria , on March 28, directed commercial, merchant and non-interest banks to CBN adjusted the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.
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