FBN Holdings to Raise N300bn from Public, Private Offers

FBN Holdings to Raise N300bn from Public, Private Offers

FBN Holdings Plc has announced plans to seek shareholders’ approval this month to raise about N300 billion through a public share offering or private share sale, management said in a regulatory filing on Monday.

The holding company, which owns First Bank, one of Nigeria’s top-tier lenders, said it will ask shareholders for permission to raise the funds at a meeting set for April 30. Naira Suffers Big, CBN Goes Ballistic Against FX Whale

The notice of the extraordinary general meeting stated that shares would be issued through a public offering, private placement, rights issue, or other method in the Nigerian or foreign capital markets in order to raise capital.

The market price of teh offer would be determined by the book-building process or any other valuation method or combination of methods, management said. #FBN Holdings to Raise N300bn from Public, Private Offers