First Bank Plans To Absorb N250 Billion.
February 21st, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike
With shareholders still kicking against the return of money on oversubscription, a new trend in the nations capital market where investors money are returned to them when ever there is oversubscription, there are speculations that First Bank Nigeria plc will absorb as much as N250 billion which is about half of the total N500 billion realised from the last public offer.
The bank was in the market sometime in may last year to raise N100 billion through the issuance of 3,121,015,920 new shares made up fo rights issue of 1,496,762,682 units and an offer for subscription of 1,624,253,238 ordinary share of 50 kobo each at N31 and N33 per share respectively. The offer’s outcome was however succesfull as the bank recorded an oversubscription level of 400 percent and the value of all application in respect of the offer totalled N500 billion.
This offer has turned out to be the most subscribed offer in Nigerias history in terms of cash.
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