Fidelity Bank to Raise N32bn from Shareholders

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Fidelity Bank to Raise N32bn from Shareholders

Fidelity Bank to Raise N32bn from Shareholders

Fidelity Bank Plc has proposed a capital raise of N32 billion from its shareholders to drive the lender’s growth agenda for the financial year 2024.

The bank has submitted an application for approval to sell 1 for 10 every shareholding to its existing shareholders at N10, its Stockbrokers, APT Securities & Funds Limited said in an update. NBS And The Task of Delivering Reliable National Data

At the close of the trading session on Friday, Ticker: FIDELITYBK closed at N14.2 per share on the Nigerian Exchange. Fidelity Bank was valued at about N455 billion after a 25% positive price movement in the first trading week of 2024.

The Tier-2 capital deposit money bank would be selling 3.2 billion ordinary shares to existing shareholders who elect to increase their stake in the bank.

Fidelity Bank through its stockbroker has submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue 3.2 billion at a unit price of N10.