NGX Lists Fidelity Bank’s Additional 18.2 Billion Shares

Fidelity Bank Plc has officially expanded its capital base with the listing of an additional 18.2bn ordinary shares on the Nigerian Exchange Limited (NGX).

According to NGX Weekly Report obtained by THE WHISTLER, the listing follows the bank’s recently concluded hybrid offer, comprising a Rights Issue and a Public Offer, both of which recorded strong investor participation.

The hybrid offer involved a Rights Issue of 3.2 billion ordinary shares of 50 Kobo each at N9.25 per share, which was fully subscribed at 100 per cent.

Additionally, a Public Offer of 15 billion ordinary shares of 50 Kobo each at N9.75 per share was also executed, witnessing an overwhelming 237.92 per cent subscription rate, reflecting high investor confidence in Fidelity Bank’s growth trajectory.

With the successful completion of this capital-raising exercise, the total issued and fully paid-up shares of Fidelity Bank Plc have increased from 32.01 billion to 50.21 billion ordinary shares of 50 Kobo each.

Fidelity Bank Plc had recently announced the result of its recent offer for subscription of 10 billion Ordinary Shares at N9.75 per share. The bank said the Offer was 237.92 per cent subscribed.

It said in the summary of the Offer that 108,046 applications for 23,791,687,463 ordinary shares totaling N231.968bn were received in connection with the Offer.

The banks also said 107,588 applications for 23,768,724,000 ordinary shares totaling N231.75bn were found to be valid based on the terms of the Offer and the Central Bank of Nigeria’s (CBN) Capital Verification Exercise (CVE).

“No application was disqualified following CBN’s CVE. Furthermore, 458 applications for 22,765,143 ordinary shares totaling N221.960m were found not to be valid under the terms of the Offer and were therefore rejected.”

NGX Lists Fidelity Bank’s Additional 18.2 Billion Shares is first published on The Whistler Newspaper