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Stanbic IBTC Holdings PLC (The Company), has launched a Rights Issue offering 2,944,772,083 ordinary shares, each priced at ₦50.50. The shares are being offered on a basis of 5 new shares for every 22 shares held as of Tuesday, 29 October 2024.
The Acceptance List for the Rights Issue which opened on Wednesday, 15 January 2025, will close on Friday, 21 February 2025.
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According to the rights circular, the estimated net proceeds from the Rights Issue, totaling ₦145.7 billion, will be primarily used to strengthen the capital base of Stanbic IBTC Bank. 96.38% of the net funds, approximately ₦140.43 billion, will be allocated to capital injection into Stanbic IBTC Bank.
Additionally, ₦5.27 billion, or 3.62% of the net proceeds, will be directed towards investments in other subsidiaries and working capital.
The company’s flagship subsidiary, Stanbic IBTC Bank Limited, requires approximately ₦91 billion in new equity to meet the new minimum capital base of ₦200 billion needed to retain its national banking licence.
Lead Issuing House: RMB - Rand Merchant Bank
Joint Issuing House: Stanbic IBTC IBTC capital
Coronation Merchant Bank, FCMB capital
FSDH Merchant Bank, Quantum Zenith, and United Capital Plc
Auditors: PwC Nigeria
Registrar: First Registrars and investor services limited
Solicitor to the issue: Udo Udoma & Belo-Osagie
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