Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Fidelity Bank applies to raise N49bn from capital market

Category: Public Offers Private Placements

  Read (2942)
Fidelity Bank applies to raise N49bn from capital market

July 31, 2007/Punch



The Nigerian Stock Exchange on Monday placed the share price of Fidelity Bank Plc on technical suspension following an application by the bank to raise fresh funds from the capital market.


The price has been frozen at N11.99. This means that trading in the shares of the bank will be at that price throughout the duration of the proposed offer. The bank has applied to raise about N49.7bn through a Rights Issue and Offer for public subscription.



It was learnt that the bank would make a Rights Issue of about 412million shares of 50kobo each at N9.50 to existing shareholders. This will amount to about N3.9bn. Besides, about 4.5billion shares will be offered for public subscription that will fetch the bank about N45.88bn.



Shareholders of the bank recently gave the go-ahead to the directors to access the market for fresh funds. They approved that the money could be raised via equity and debt instruments.



The share price of Fidelity Bank has been very attractive to investors in recent times, closing as one of the most traded. Its price also soared from this year’s low of N2.15 to the current price of N11.99.



Last week for instance, 592.502billion shares worth N6.644bn were traded in 3,179 deals.



The high demand was attributed to expectation of improved results the company may record for the year ended June 30, 2007. According to the spokesman of the bank, Mr. Emma Esinna, the third quarter profit was good, rising by over 200 per cent. He said investors were hopeful that the full year results would be better.



Fidelity Bank is a merger of the old Fidelity Bank, FSB International Bank Plc and Manny Bank Plc.



When the equity was priced at N2.08 sometimes last year, the Managing Director/Chief Executive of the bank, Mr. Reginald Ihejiahi, had advised investors to buy, saying the future performance would lift the price to higher levels. –



Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Public Offers Private Placements

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014