To strengthen its financial position and create opportunities for existing shareholders to participate in the capital raising process, Fidelity Bank Plc, through its Stockbrokers, APT Securities & Funds Limited, has submitted an application to Nigerian Exchange Limited (NGX) for the approval and listing of a Rights Issue of 3.2 billion ordinary shares of 50 kobo each at N10 per share.

According to a filing obtained from the NGX’s website at the weekend, the right issue is based on one new ordinary share for every 10 existing ordinary shares held as of the close of business on Friday, 5 January 2024.

The bank said, “Trading License Holders are hereby notified that Fidelity Bank Plc (Fidelity or the Bank) has through its Stockbrokers, APT Securities & Funds Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of Three Billion, Two Hundred Million (3,200,000,000) ordinary shares of 50 kobo each at N10 per share based on one (1) new ordinary share for every ten (10) existing ordinary shares held as at the close of business on Friday, 5 January 2024. The Qualification Date for the Rights Issue is 5 January 2024.”

It will be recalled that Fidelity Bank Plc had passed a resolution to increase its share capital from N16 billion to N22.6 billion, paving the way for its planned public offer to begin.

According to the bank’s recent resolutions from its Extra-Ordinary General Meeting (EGM) which held virtually on August 11, 2023, the board and management of the bank disclosed plans to inflate its share capital from N16 billion to N22.6 billion.

SOURCE: THESUN