Zenith Bank Spikes to N2trn after Capital Raise
Zenith Bank Plc market value has crossed N2 trillion in the equities market as the Nigerian top lender listed additional shares from its latest hybrid offers to investors, shareholders.
According to data from the Nigerian Exchange, Zenith Bank valuation climbed to N2.086 trillion on Monday, from N1.632 trillion reported by MarketForces Africa. The significant increase in market value followed its successful capital raise via public offer to investors and rights issue to existing shareholders.
Zenith Bank listed additional shares totaling 9,673,336,214 Ordinary Shares of 50 kobo each on the exchange today. Zenith Bank capital base has increased to N614.65 billion following a significant oversubscribed hybrid offer. The financial services group said its new capital base is well above N500 billion required by the Central Bank.
The hybrid offer was oversubscribed by more than 160%, the bank told the Nigerian Exchange after it secured the full regulatory approval of the Central Bank of Nigeria and the Securities and Exchange Commission.
Recall that the bank launched its rights issue of 5,232,748,964 ordinary shares of 50k each at N36.00 per share and a public offer of 2,767,251,036 ordinary shares of 50k each at N36.50 per share last year in a bid to meet the deadline.
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, Zenith told the Nigerian Exchange. #Zenith Bank Spikes to N2trn after Capital Raise Senate Promises Adequate Funding for Fiscal Responsibility Commission
