Nigeria, Jan. 27 -- Zenith Bank Plc disclosed that it exceeded its target of N290 billion by raising N350.4 billion through its combined rights issue and public offer.
The bank said in a statement issued to the Nigerian Exchange Group on Sunday that the Central Bank of Nigeria and the Securities and Exchange Commission have also given their regulatory permission.
The combined offer from Zenith Bank comprised a public offering of 2,767,251,036 Ordinary Shares of 50k each at N36.50 per share and a rights issue of 5,232,748,964 Ordinary Shares of 50k each at N36.00 per share. The offer went live on August 1, 2024, and ended on September 23, 2024.
There was an oversubscription for both programs. The rights issue was likewise 100.18 percent s...