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Official: Diamond Bank Shareholders Approve $500m Fresh Capital. Rights Issue Coming Soon

Nairametrics by Nairametrics
April 25, 2014
in Uncategorized
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Shareholders of Diamond Bank Plc Thursday endorsed the plan by the bank to raise $500 million additional capital in its quest to raise its tier 2 capital by $750 million.

The fund would be raised through a rights issue in the ratio, terms, conditions and dates to be determined by the directors, subject to regulatory approvals.

The bank explained that it had already raised about $250 million out of $750 million.

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Speaking at bank’s 23rd Annual General Meeting (AGM) in Lagos, its Group Managing Director/Chief Executive Officer, Dr. Alex Otti said the fund would enhance Diamond Bank’s operations as well as its expansion drive.

He explained: “The capital raising is actually part of the $750 million we wanted to raise earlier. It is not that we are looking for $750 million; we already have close to $250 million.

“So what we are looking for is around $500 million and I don’t think shareholders have anything to worry about because we really took our time and went through the process.  I assure you (shareholders) that it is going to make the bank better, rather than dilute your shares.”

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Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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