Diamond Bank Plc plans to raise about N50.4 billion from its shareholders as it seeks to strengthen its capital base.
A regulatory filing obtained at the weekend by The Nation indicated that Diamond Bank plans to undertake a rights issue of about 8.69 billion ordinary shares of 50 kobo each at N5.80 per share.
Diamond Bank’s share price closed at the Nigerian Stock Exchange (NSE) at N6.70 per share.
According to the report, the rights issue would be pre-allotted to shareholders of the bank as at the weekend, June 13, 2013.
Already, the bank has submitted application for the rights issue to the NSE.