Stanbic IBTC Holdings Plc has announced the conclusion of its Rights Issue of 2,944,772,083 ordinary shares of 50 Kobo each at N50.50 per share, recording an oversubscription of 121.97 per cent.
The Rights Issue, which was offered on the basis of five new ordinary shares for every twenty-two ordinary shares held as of the close of business on Tuesday, October 29, 2024, was launched in line with the Rights Circular dated Thursday, January 9, 2025.
According to the company, a total of 2,773 valid applications were received for 3,591,645,237 ordinary shares, amounting to N181.38bn in value.
“All acceptances received by the close of the Acceptance List on Friday, February 21, 2025, were processed and forwarded to the Central Bank of Nigeria for its Capital Verification Exercise,” the statement read.
Following the conclusion of the exercise, the apex bank cleared a total of N181.39bn raised under the Rights Issue. The slight difference of N16.83m between the amount cleared and the amount accepted was attributed to overpayments by some receiving agents, which will be refunded accordingly.
Stanbic IBTC confirmed that all the 2,773 applications were valid and no acceptance was rejected. Of these, 2,665 shareholders with a provisional allotment of 2.49bn ordinary shares, valued at N125.70bn, fully took up their rights.
Within this group, 1,086 shareholders accepted allotments worth N119.05bn, while another 1,579 shareholders accepted shares valued at N6.65bn and requested additional shares totalling 954.10m units worth N48.18bn. This brought their total application to 1.09 bn shares, valued at N54.83 bn.
In addition, 29 shareholders with provisional allotments of 44.95m shares partially accepted their rights for 20.70m shares, renouncing 24.25m units. Meanwhile, 79 applications were received through rights traded on the Nigerian Exchange Limited during the Acceptance Period, amounting to 127.80m shares worth N6.45bn.
In total, 282.98m shares were fully renounced, with overall renounced shares standing at 307.22m. The 1,579 shareholders who applied for additional shares were allotted the renounced 307.22m shares on a pro-rata basis, resulting in an allotment level of 32.20 per cent for additional requests.
As a result, 646.87m units from the additional requests were unallotted, and the excess funds of N32.67bn are set to be refunded to the affected shareholders.
With all valid applications fully processed and a 100 per cent allotment achieved, Stanbic IBTC said the Rights Issue had been fully and successfully completed.
