THE NATION
- Investors get huge opportunity to expand scope
Major banks are on course to raise N1.26 trillion in the capital market.
It is in a bid to meet recapitalisation conditions set by the Central Bank of Nigeria (CBN).
Zenith Bank will today complete the pre-offer process for a N188.4 billion rights issue.
FCMB Group will tomorrow interact with the investing public on its N113.98 billion public offer.
The two offers are expected to open for public subscription in the next few days.
This will raise the number of banks in the capital market to five and the initial target to N1.26 trillion.
Shareholders of Fidelity Bank Plc at the weekend expanded the scope of the bank’s capital raising from its initial target of N127.1 billion to N205.45 billion.
Access Holdings is raising N351 billion from existing shareholders while Guaranty Trust Holding Company (GTCO) is seeking N400.5 billion from the public.
Zenith Bank and its professional advisers will today sign off the offer documents for a rights issue of 5.23 billion shares at N36 per share. The shares are pre-allotted to existing shareholders based on one new ordinary share for every six existing ordinary shares held as of the close of business on July 24.
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