The Board of Zenith Bank Plc will request shareholder approval during its forthcoming Annual General Meeting (AGM) to establish a capital raising programme.
This strategic decision reflects the ongoing efforts of banks to strengthen their capital reserves in light of evolving regulatory standards.
According to the Bank’s notice of Annual General Meeting, this programme would allow the issuance of ordinary or preference shares through various methods such as public offerings, private placements, rights issues, or others.
The Board would have the discretion to determine the specifics of the programme, subject to regulatory approvals.
Zenith Bank will also seek approval from its shareholders for an increase in its issued share capital.
“That the issued Share Capital of the Company be and is hereby increased from N15,698,246,893.50 (Fifteen Billion, Six Hundred and Ninety Eight Million, Two Hundred and Forty Six Thousand, Eight Hundred and Ninety Three Naira, Fifty Kobo Only) divided into 31,396,493,787 (Thirty One Billion, Three Hundred and Ninety Six Million, Four Hundred and Ninety Three Thousand, Seven Hundred and Eighty Seven Naira) Ordinary shares of N0.50 Kobo each to N31,396,493,787 (Thirty One Billion, Three Hundred and Ninety Six Million, Four Hundred and Ninety Three Thousand, Seven Hundred and Eighty Seven Naira) by the creation of 31,396,493,787 (Thirty One Billion, Three Hundred and Ninety Six Million, Four Hundred and Ninety Three Thousand, Seven Hundred and Eighty Seven) ordinary shares of N0.50 Kobo each ranking paripassu with the existing ordinary shares of the Company.
“That the Board of Directors of the Company be and is hereby authorized to establish a capital raising programme in the Nigerian or International capital market of up to the authorised capital of the company, through the Issuance of ordinary shares, or preference shares, whether by way of a public offering, private placement, rights issue or both, or any Other method or combination of methods, in such tranches, series or proportions and at such dates, and conditions as may be determined by the Board subject to obtaining the requisite regulatory approvals,” the statement said.
“Also, the Board will request authorization that in the event of a Rights Issue, any shares not taken up by existing shareholders within the period stipulated under the Rights issue may be offered for sale to Other interested shareholders of the Bank on such terms and conditions as may be determined by the Directors subject to the approvals of the relevant regulatory authorities.
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