Zenith Bank Plc, a leading financial services group led by Nigeria's richest banker Jim Ovia is issuing 8 billion new shares to raise N290 billion ($182,389). The bank is offering 5.23 billion shares at N36 each to existing shareholders.
These shares are available through a rights issue, where shareholders can buy one new share for every six they currently hold. Additionally, 2.77 billion shares are available to the public at N36.50 each.
"We are offering 65 percent of the shares to our existing shareholders and 35 percent to the public," said Group Managing Director and CEO Adaora Umeoji.
This allocation ensures that existing shareholders' stakes remain largely undiluted while opening up opportunities for new investors.
