By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s mid tier lender, Unity Bank Plc on Monday said  it has extended its Rights Issue offer to Wednesday July 09, 2014.

The bank in a notice to the Nigerian Stock exchange (NSE) said the Securities and Exchange Commission (SEC) has approved the extension of the Right Issue Offer which will now  close on Wednesday, July 9, 2014.

Unity Bank in May said it was set to raise N39.2 billion through Right Issue of 38,446,689,710 Ordinary Shares of 50kobo Each at 50 kobo Per Share and Private Placement of 40,000, 000, 000 Ordinary Shares of 50 kobo Each at 50 kobo Per share.

According to the bank, from the Rights Issue which is on the basis of 1 ordinary share for every 1 ordinary share held as at December 16, 2013, it intends to riase N19.2billion; while from the Private Placement, the bank is seeking to raise N20 billion.
Acceptance list for the Rights Issue opens on May 12, 2014 and closes on June 18, 2014; while placing for the Private Placement opens on June 20, 2014 and closes on June 23, 2014.