In a strategic move to bolster its capital base and support its growth trajectory, Zenith Bank Plc is set to raise N290 billion through a combination of a Rights Issue and a Public Offer. This capital raise is in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN).
*Rights Issue and Public Offer Details*
The Rights Issue offers 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the Public Offer presents 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share. The Rights Issue is open to existing shareholders, who can purchase additional shares in proportion to their current holdings. The Public Offer, on the other hand, is open to the general public and aims to attract new investors.
*Offer Period and Application Platforms*
The Offer will open on Thursday, August 1, 2024, and close on Monday, September 9, 2024. Applications can be made through various electronic channels, including Zenith Bank Internet Banking, Zenith Bank Mobile Application, Zenith Bank Corporate Internet Banking, Zenith Bank Branches nationwide, and NGX Invest platform.
*Proceeds Utilization*
The proceeds from the capital raise will be channelled towards expanding banking operations across Africa and internationally, investing in technology infrastructure, and supporting working capital on an ongoing basis.
*Leadership’s Assurance*
The Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, expressed optimism about the capital raise, stating that the bank will maintain its leadership in dividend payout in the years ahead and encouraged investors to invest in Zenith Bank.
