Ecobank Transnational Incorporated (Ecobank), has notified The Nigerian Stock Exchange that the IFC ALAC Holding Company II and the IFC Capitalization (Equity) Fund, L.P. (two funds managed by the IFC, Member of the World Bank Group) will exercise their option to subscribe for ETI shares with effective date of 1st July 2014.
Their outstanding convertible loans of: US$56,385,000 for the IFC Capitalization (Equity) Fund L.P. and US$18,795,000 for the IFC ALAC Holding Company II will be converted to 628,742,514 ETI shares and 209,580,838 ETI shares respectively. The convertible debts of ETI will be reduced by US$75,180,000. As a result, ETI will issue 838,323,352 additional shares. The total ETI shares will increase by 4.9% from 17,212,152,208 shares to 18,050,475,560 shares. This effectively gives the IFC over 6% in ETI by our estimates.
ETI states that it is taking all necessary steps to get the shares issued and listed on the three stock exchanges in line with usual requirement.