FBN Holdings announces a plan to raise N300 billion through a combination of public offering and rights issue

FBN Holdings Plc has announced its intention to raise up to N300 billion through a combination of public offering, private placement, and rights issue.

In a notice to the Nigerian Exchange Limited (NGX), the Group stated that the capital raise is contingent upon approval from regulatory authorities and shareholders at an Extraordinary General Meeting (EGM) scheduled for later in the month.

The capital infusion, as disclosed by the Group, could be sourced from either the domestic or international capital market.

The notice outlined the resolutions to be considered at the EGM, including authorization for the company to undertake a capital raise of up to N300 billion.

The capital raise would involve issuing shares through methods such as public offering, private placement, or rights issue in either the Nigerian or international capital markets.

The prices would be determined through a book-building process or other valuation methods, subject to approval from relevant regulatory authorities.

Furthermore, the resolution allows for the capital raise to be underwritten on terms set by the directors, subject to regulatory approval.

Following the allocation of new ordinary shares, FBN Holdings will amend its memorandum and articles of association as needed to reflect the updated share capital.