Reuters reports Zenith Bank Plc has listed $850million (N136billion) worth of ordinary shares on the London Stock Exchange as a Global Depository Receipt at $6.80.
According to the bank, One GDR will be represent 50 ordinary shares. JP Morgan is the depository bank and Citi the custodian. By listing, the GDR is expected to help Zenith Bank access cheaper funds in the international market. Whether this will translate to cheaper lending rates for local lenders is another thing. Recall GTB listed $750million worth of shares back in 2007 at a price of about $11.2 per share which is currently worth about $7.4 per share today.
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