Fidelity Bank Plc has announced an extension of its public offer and rights issue until August 12, 2024. Originally set to conclude on July 29, 2024, this extension has been approved by the Securities and Exchange Commission (SEC) and will see an increase in the total offer size from N127.1 billion to N205.45 billion.
This extension follows an extraordinary general meeting held on July 26, where shareholders approved an increase in the number of ordinary shares available. The revised offering will include the creation of 8.2 billion new shares.
The extended offering will comprise 5 billion shares allocated to the public offer and 3.2 billion shares designated for the rights issue. Public offer shares are priced at N9.75 each, while rights issue shares are priced at N9.25 each. The bank anticipates raising approximately N78.35 billion from this extended offering.
Since the public offer and rights issue program commenced on June 12, 2024, Fidelity Bank aims to issue a total of 53.4 billion shares and raise N205.45 billion. If successful, the bank’s paid-up capital will increase from N129.7 billion to N339.2 billion.
Despite this substantial capital increase, the bank will need to raise an additional N160.8 billion to reach its minimum capital target of N500 billion by March 2026.
