Fidelity Bank Plc has successfully concluded the first phase of its equity capital raise, achieving a 238% oversubscription in its public offer. The bank raised a total of N127.1 billion through a rights issue to existing shareholders and a public offer. The public offer received a phenomenal response, with 107,588 valid applications for 23,768,724,000 ordinary shares, while the rights issue was 137.73% subscribed. Fidelity Bank aims to utilize the funds raised to expand its business, enhance technology infrastructure, and improve customer service.
Fidelity Bank Plc says it has concluded the first phase of its equity capital raise, recording a 238 percent oversubscription in its public offer.
According to the bank, 107,588 applications for 23,768,724,000 ordinary shares totalling N231,745,059,000 were found to be valid based on the terms of the offer and the CBN’s verification; while 458 invalid applications forThe financial institution said 548 applications containing odd lots of237 percent subscribed and 150 percent allotted“With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling N40,980,184,692.
FINANCE CAPITAL RAISE OVERSUBSCRIPTION FIDELITY BANK NIGERIAN MARKET
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