Zenith Bank commences N290bn capital raise

Zenith Bank has started the process to raise N290bn fresh capital through rights issues and public offer, to bolster its expansion efforts.

The bank is issuing 5.23 billion shares at N36 each to existing shareholders and 2.77 billion shares at N36.50 each to the public.

This was revealed by the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Adaora Umeoji, at the “facts behind the combined offer by Zenith Bank Plc” on Monday.

“We are offering approximately 5.23 billion units of shares of 50 kobo each at N36 per share to our existing shareholders through a rights issue of one new share for every six held. We are also offering 2.77 billion ordinary shares of 50 kobo each at N36.50 per share to the public through a public offer,” she noted.