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Fidelity Bank to launch a capital-raising initiative

Fidelity Bank Plc is soon to launch its N127.1bn capital raise via a public offer and rights issue on June 20, 2024

Fidelity Bank PLC has announced plans to launch a capital-raising initiative on June 20, 2024, comprising a ₦29.6 billion (approximately $19.9 million) rights issue and a public offer totalling ₦127.1 billion (approximately $85.6 million).

This move aims to increase the bank's share capital base in compliance with the Central Bank of Nigeria's revised minimum capital requirements introduced on March 28, 2024.

The rights issue will offer 3.2 billion ordinary shares per share in the ratio of 1 new share for every 10 shares held as of January 5, 2024. The public offer will make 10 billion ordinary shares available to the general public at ₦9.75 per share.

This capital-raising effort is part of Fidelity Bank's strategy to drive sustained growth, diversify its earnings base, and meet the CBN's capital requirements, positioning the bank for future expansion and stability.

Fidelity Bank will also hold a 'Facts Behind the Offer' presentation at the Nigerian Exchange on June 20, 2024, to provide comprehensive details and engage with potential investors.