Sterling Bank Plc says it has concluded its rights issue with a 103.3 per cent subscription.
The rights issue of 5,888,949,162 ordinary shares of 50 kobo each, which was offered at N2.12 per share, was opened on June 24, 2013.
According to the bank, the valid applications received totalled N12.9bn, approximately 3.3 per cent above the expected N12.5bn.
The bank said the new shares had been listed on the floor of the Nigerian Stock Exchange, following which the bank became the 31st most capitalised stock (from 38th position) with a market capitalisation of N52.9bn.
The statement quoted the Managing Director, Sterling, Mr. Yemi Adeola, as saying,
“We are pleased with the outcome of the rights issue and the success rate reflects shareholders’ confidence in our strategy and execution capabilities. We are also in the process of concluding a private placement of $120m to further strengthen our capital position.
“These are part of our $400m capital raising plan comprising $200m each in tiers 1 and 2 capital respectively. The $200m tier 2 capital will be raised through a multi-currency debt issue expected to come through this year.
Source: Punch Newspaper