Fidelity Bank Plc has increased its issued share capital from N26.7bn to N36.7bn following shareholders’ approval at its Extraordinary General Meeting held virtually on Thursday.

The decision, detailed in a corporate notice filed with the Nigerian Exchange Limited, involved the creation of 20bn additional ordinary shares of N0.50 kobo each, bringing the total issued share capital to N36.7bn.

In line with this development, shareholders authorised the Board of Directors to raise additional equity capital through various means, including private placements, rights issues, or public offers, in tranches and on terms deemed suitable by the Board, subject to regulatory approvals.

“This capital raise is a strategic move to strengthen our balance sheet, enhance our competitive position, and ensure we can continue to deliver exceptional value to our customers and stakeholders,” Fidelity Bank stated.

The resolutions also allow the Board to underwrite the capital-raising exercise, if necessary, to ensure full subscription. The newly issued shares will be listed on the NGX and will rank pari passu with existing shares.

The bank noted that the capital increase aligns with its long-term expansion strategy.

“We are positioning Fidelity Bank for sustained growth. This additional capital provides us with the financial flexibility to explore new opportunities, deepen our digital transformation efforts, and expand our market reach,” the company said.

Shareholders also approved amendments to the bank’s Memorandum and Articles of Association to reflect the newly issued share capital and ensure compliance with regulatory requirements.

Fidelity Bank emphasised its commitment to executing the next phase of its capital-raising plan in compliance with the Securities and Exchange Commission, Central Bank of Nigeria, and Corporate Affairs Commission regulations.

The PUNCH reported that Fidelity Bank Plc has announced plans to increase its issued share capital from N26.7bn to N36.7bn.