Fidelity Bank Plc has revealed the results of its recent public offering to raise capital by subscribing 10 billion ordinary shares at N9.75 N per share. The offer received a massive response, with subscriptions reaching 237.92% of the

According to the bank's report, it received 108,046 applications for a total of 23,791,687,463 ordinary shares, worth 231.968 billion naira. As a result of the Central Bank of Nigeria (CBN) Capital Verification Exercise (CVE), 107,588 applications, representing 23,768,724,000 ordinary shares valued at 231.745 billion naira, were confirmed as valid

Fidelity Bank said in the summary of the offer that 108,046 requests for 23,791,687,463 ordinary shares totaling 231.968 billion naira were received as part of the offer.

Banks also said that 107,588 applications for 23,768,724,000 ordinary shares totaling 231.745 billion naira were deemed valid based on the terms of the offer and the capital verification exercise (CVE) of the Central Bank of Nigeria (CBN).

“No requests were disqualified as a result of the CBN CVE. In addition, 458 applications for 22,765,143 common shares totaling 221.960 million naira were deemed invalid under the terms of the offer and were therefore rejected

“In addition, 548 requests included odd lots representing 198,320 common shares (1.933 million naira) which were also rejected. “The offer was therefore subscribed to by 237.92

The bank reported that 107,588 valid applications for 23,768,724,000 common shares have been awarded. Fidelity Bank noted that the attribution base as well as the announcement were approved by the Securities and Exchange Commission (SEC).