Diamond Bank says it has concluded arrangements to raise N50.37bn through a rights issue.
The bank said the development followed the approval it received from shareholders at its Annual General Meeting on April 24.
According to a statement by the bank, a total of 8,685,145,863 ordinary shares of 50 kobo each will be offered to its shareholders in the ratio of three new ordinary shares for every five ordinary shares held as of June 13, 2014 at N5.80 per share
The company added, “Final approvals for the registration and listing of the shares from the Securities and Exchange Commission and the Nigerian Stock Exchange respectively are expected imminently; the rights issue is expected to commence on July 30, 2014 and close on August 26, 2014.”
Stanbic IBTC Capital Limited is the lead issuing house, while FBN Capital Limited is the joint issuing house to the rights issue, according to the lender.