Zenith Bank Plc has raised N350.4 billion through its recently concluded hybrid rights issue and public offer.
Zenith Bank disclosed this via a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025.
The bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of its recently concluded hybrid offer, comprising a rights issue of 5,232,748,964 ordinary shares of 50k each at N36.00 per share, and public offer of 2,767,251,036 ordinary shares of 50k each at N36.50 per share.
Zenith Bank noted that the public offer was 160.47% subscribed, with a total of 4,440,587,250 ordinary shares allotted based on the terms of the offer and the CBN’s capital verification exercise.
The bank said the rights issue was 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.
Zenith Bank emerges Nigerian bank of the year
Lauding the development, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr Adaora Umeoji, said: “The success of our combined rights issue and public offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand.
“This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.
“We deeply acknowledge the invaluable and strong support ofour regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and we are grateful for their guidance in ensuring the integrity and efficacy of the exercise.
“This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.”
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