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Zenith Bank seeks shareholders’ approval to raise share capital

The Board of Zenith Bank Plc will request shareholders’ approval to raise its share capital from N15,698,246,893.50 divided into 31,396,493,787 ordinary shares of N0.50 kobo…

The Board of Zenith Bank Plc will request shareholders’ approval to raise its share capital from N15,698,246,893.50 divided into 31,396,493,787 ordinary shares of N0.50 kobo each to N31,396,493,787 at its annual general meeting.

The bank also plans to establish a capital raising programme in line with the current realities in the banking sector with the apex bank raising the minimum capital requirements.

This was contained in the bank’s notice of the annual general Meeting communicated to the Nigerian Exchange amidst other far-reaching resolutions proposed during the meeting slated for next month.

The statement read: “That the issued Share Capital of the company be and is hereby increased from N15,698,246,893.50 divided into 31,396,493,787 Ordinary shares of N0.50 kobo each to N31,396,493,787 by the creation of 31,396,493,787 ordinary shares of N0.50 kobo each ranking pari‑passu with the existing ordinary shares of the Company.

“That the Board of Directors of the company be and is hereby authorized to establish a capital raising programme in the Nigerian or International capital market of up to the authorised capital of the company, through the Issuance of ordinary shares, or preference shares, whether by way of a public offering, private placement, rights issue or both, or any other method or combination of methods, in such tranches, series or proportions and at such dates, and conditions as may be determined by the Board subject to obtaining the requisite regulatory approvals.”

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