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Stanbic IBTC Will Raise N20b Via Rights Issue
Lagos, Nigeria (Capital Markets in Africa) — Stanbic IBTC has announced it has obtained approval to commence rights issue. They will be offering 800,000,000 Ordinary Shares of 50 kobo each at N25.50 per share.
The basis for allotment of the rights will be 2 new ordinary shares for every 25 ordinary shares held. The Qualification Date for this Right Issue is today, 10 June 2015.
Stanbic IBTC only recently celebrated the listing of its N15.4illion corporate bonds and will be applied to fund the Bank’s asset growth in the personal and business banking segment, whilst shoring up capital adequacy in the form of Tier II Capital, in line with Central Bank of Nigeria’s regulatory framework.
The rights issue just announced will raise a gross amount of N20.4 billion taking its total Net Assets to about N140 billion and will still be lower than the likes of FCMB and Fidelity Bank based on 2015 Q1 results.
Stanbic IBTC shares lost 3.5 percent to close at N27 and has a year low of N24