By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Access Bank Plc on Tuesday said it will open its proposed Rights Issue at N8.90 kobo per share and will issue 7.640 million ordinary shares of 50 kobo each. The lender said in an issuer’s announcement to the Nigerian Stock Exchange (NSE).

Access Bank affirmed the proposed Rights Issue will be on the basis of one (1) ordinary share for every three (3) fully paid ordinary shares held by shareholders of the bank.

The bank will hold an extraordinary general meeting (EGM) in Lagos Nigeria to get shareholders approval and would raise N68 billion before expenses if all shareholders fully subscribe for their rights.

The lender said proceeds will be used to upgrade its information technology platforms and branch network to enable it provide better service and further improve the working environment as well as improve its distribution channel infrastructure to enable it provide more efficient services to clients.

‘’The funds will also be used to augment the bank’s working capital and support risk assets growth,’’ Access Bank affirmed.

According to the top-tier Nigerian lender, the qualification date for the Rights Issue will be determined and the final date for receipt of applications for shares will be as stated in the Rights Circular.

It further affirmed that the rights are tradable and available to all eligible shareholders registered on the qualification date.

Access Bank said trading in the Rights Issue shares will commence on the first day of the Issue through till the closing date.

The bank said the Issue will not be underwritten and a Rights Circular and Allotment Form will be sent to eligible shareholders in due course.

On September 15, 2014 shares of the top-tier Nigerian lender was placed on technical suspension and the NSE’s quotations committee on September 19 2014, announced that it has granted the bank  final approval for its shares to be placed on technical Suspension pursuant to anticipatory approval.