Money MarketStanbic IBTC plans to raise N20.4bn capital through rights issue

For savvy investors, one of Nigeria's most capitalized banks, Stanbic IBTC, is planning to raise N20.4 billion from existing shareholders in the capital market

 

For savvy investors, one of Nigeria's most capitalized banks, Stanbic IBTC, is planning to raise N20.4 billion from existing shareholders in the capital market.

This was made known by the Stanbic IBTC Holdings Plc, where it states that the fresh funds would be raised through a Rights Issue of 800 million ordinary shares of 50 kobo each at N25.50 per share. Stanbic IBTC Holdings disclosed the capital raising exercise in an application to the Nigerian Stock  Exchange for its approval.

According to the company, the Rights Issue would be made on the basis of two new ordinary shares for every 25 ordinary shares held, while the qualification date is June 10, 2015.

Stanbic IBTC Holdings application is coming on the heels of similar moves by Flour Mills of Nigeria Plc to raise N40 billion through  Rights Issue.

Also, the N20.4 billion fresh capital will complement the Stanbic IBTC Bank Plc N15.54 billionSeries 1 (Tranches A & B) 10-Year Subordinated Notes raised recently.