Fidelity Bank seeks listing of a Rights Issue of 3.2 billion shares on NGX

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 the NGX’s weekly report, 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 Qualification Date for the Rights Issue is 5 January 2024.

“Trading Licence 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 ordinary shares of 50 kobo each at N10 per share based on one new ordinary share for every ten  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,” the report said.

It will be recalled that Fidelity Bank Plc has 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.

Fidelity Bank Plc disclosed plans to inflate its share capital from N16 billion to N22.6 billion, according to recent resolutions from its Extra-Ordinary General Meeting which was held virtually on August 11, 2023.

Fidelity Bank says it is to raise its share capital to N22.60 billion as the company looks to explore strategic growth.