Fidelity Bank taps stock market to raise N32bn ahead of recapitalisation

Fidelity Bank Plc is seeking to raise up to N32 billion through rights issue ahead of the recapitalisation announced by the Central Bank of Nigeria (CBN) late last year.

The Governor of CBN, Mr Cardoso said on November 25 that banks would be directed to increase their capital base because they are not liquid enough to service the $1 trillion economy President Bola Tinubu is aiming for in the near future.

The Nigerian Exchange Limited (NGX) disclosed on Friday the move by Fidelity Bank to list a rights issue. 

“Trading license holders are hereby notified that Fidelity Bank Plc 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 3,200,000,000 ordinary shares of 50 kobo each at N10 per share on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, 5 January 2024,” the NGX said.

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