New investors acquire stake in Fidelity Bank

Two investors have acquired a 10.4 per cent stake in Fidelity Bank amid the firm’s drive to raise funds for its operations.

In a document sent to its shareholders and the capital market investors on Friday, Fidelity Bank revealed that the 3.03 million shares have been sold to two investors.

The 3.03 million shares represent 10.4 per cent stake in Fidelity Bank. This makes one of the investors or two of them majority shareholder(s) depending on if the shares were equally shared or bought at different volumes.

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According to the statement, Fidelity Bank said it “Announces the result of the Private Placement of 3,037,414,308 ordinary shares of 50 kobo each at N4.60 per share, which opened on Wednesday, February 22, 2023 and closed on Thursday, February 23, 2023.

“Two (2) applications were received for a total of 3,037,414,308 ordinary shares in connection with the Private Placement.

“The two (2) applications for a total of 3,037,414,308 ordinary shares were found to be valid, accepted and processed accordingly.

“The Private Placement was therefore 100% subscribed. All applications were received within the Offer period of Wednesday, February 22, 2023 and Thursday, February 23, 2023.

“The Securities & Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) has cleared the Basis of Allotment stated above as well as this announcement. CSCS accounts of successful allotees will be credited with shares allotted, not later than Friday, May 05, 2023 by the Registrars to Fidelity Bank Plc, First Registrars & Investor Services Limited,” the document reads.