Nigeria, June 27 -- Ecobank Group is on the lookout for a limited number of investors to take up the offer from its new $250 million capital raise, the transnational banking group announced Thursday, following approval at an emergency general meeting.

Subscription to the offer is up for grabs on the basis of "first-order priority to a maximum of one hundred (100) shareholders on a first-come, first-served basis," the corporation said in a note to the Nigerian Exchange Limited.

The restricted group will only be extended to accommodate more investors based on second-order priority, it further stated.

Shareholders first agreed to the move to source the capital last month before the group assembled shareholders holding at least 10 per cent...