Fidelity Bank said it will seek the approval of its shareholders to raise additional capital via issuance of 13,200 billion ordinary shares.

This was disclosed in the notice of Extraordinary General Meeting signed by the Company Secretary, Ezinwa Unuigboje and filed on the Nigerian Exchange Limited.

The company revealed it would raise the funds via a combination of public offer and a rights issue.

At the current share price of N7.3, the capital raise could fetch the bank fresh funds of about N96.3bn.

The statement said, “That the issued share capital of the company currently N16bn made up of 32 billion ordinary shares of N0.50 each, be increased up to N22.6bn by the creation of up to 13,200 billion additional ordinary shares of N0.50 each.