Zenith Bank Plc, led by Nigerian banker Jim Ovia, is launching a substantial capital-raising initiative, aiming to secure N290 billion ($181 million) through a rights issue and a public offer. This move aligns with the Central Bank of Nigeria's revised capital requirements for banks.
The fundraising will kick off on Thurs., Aug. 1, 2024, and conclude on Mon., Sept. 9, 2024.
Capital enhancement strategyThis capital enhancement was announced during a rights issue/public offer signing ceremony in Lagos on July 29, 2024. It marks a development in Zenith Bank's strategy to strengthen its capital base and facilitate growth across its banking and non-banking subsidiaries.
The rights issue component will offer 5,232,748,964 ordinary shares priced at N36.00 each, while the public offer will release 2,767,251,036 ordinary shares at N36.50 per share.
