By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Lender, Stanbic IBTC Holdings Plc said on Wednesday it plans to raise N20.4 billion fresh funds via a rights issue, the bank said in an issuer’s announcement with the Nigerian Stock Exchange (NSE).
The lender said it will offer to existing shareholders 8.0 million ordinary shares of 50 kobo each at N25.50 per share.
The unit of South Africa’s Standard Bank said application has been submitted through its stockbroker, Stanbic IBTC Stockbrokers Ltd to the NSE for approval and listing of the proposed offer,
Stanbic IBTC said the N20.4 billion rights issue will beon the basis of two (2) new ordinary shares for every 25 ordinary shares held.
“The qualification datefor this right issue is today, 10 June 2015,” the lender added.
At the close of today’s session on the Nigerian bourse, share price of the bank dropped 3.57 percent to N27.00 from N28.00 recorded the previous session.
