Fidelity Bank increases share capital to N36.7bn, reveals issuance strategy

Fidelity Bank Plc has announced an increase in its issued share capital with the addition of 20,000,000,000 ordinary shares at N0.50 each, elevating its total share capital to N36.7 billion.

This resolution was approved during the company’s Extraordinary General Meeting, and was subsequently detailed in a disclosure published on the Nigerian Exchange (NGX), signed by the company secretary, Ezinwa Unuigboje.

The issued capital rose from N26.7 billion, divided into 53,400,000,000 ordinary shares of N0.50, to N36.7 billion through the creation of these additional 20,000,000,000 ordinary shares of N0.50 each.

According to the disclosure, the newly issued share capital will rank pari passu with the existing ordinary shares authorized by the Board of Directors.

“That the Board be and is hereby authorized to raise additional capital up to the new issued Share Capital of the Company by way of Private Placements, Rights Issues, Public Offers, or any other mode or combination of modes, in such tranches, series, amounts, pricing or proportions and on such terms and conditions and at such times as may be determined by the Board, subject to obtaining the requisite regulatory approvals,” the disclosure stated.

Additionally, the Board resolved that up to 20,000,000,000 ordinary shares will be issued through one or more private placements, limited to 30 percent of the Company’s existing shares, to one or more investors as determined by the Board. They will oversee the specifics, including timing, pricing, and terms for investors.

Fidelity Bank’s issued share capital has increased to N36.7 billion through the creation of an additional 20,000,000,000 ordinary shares.

Issued capital rose from N26.7 billion, divided into 53,400,000,000 ordinary shares of N0.50, to N36.7 billion.

The resolution directs the Board to implement all decisions made during the Extraordinary General Meeting, including executing necessary documents, appointing advisors, securing regulatory approvals, and filing required returns.