First Inland Bank to allot full value to subscribers.
March 18th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike
Following the just concluded initial public offering of N100 billion , the management of First Inand Bank has assured subscribers to the offer that the bank would absorb every excess fund accruing from the offer. According to the banks managing director, the bank has already begun discussions with the capital market authorities on how to absorb the excess funds arising from the public offer.
He said, “Although we raised over a N100 billion from the capital market but we are not planning to dislodge any subscriber or return excess funds from the exercise. Rather, we are talking with the authorities of the capital market on how to absorb all subscribers.”
Still on stocks, Custodian & Allied insurance is to raise N3.9 billion through hybrid offer.
Custodian & Allied insurance have concluded plans to hit the market very soon in order to shop for N3.9 billion. The money is to be gotten by way of subscription and Rights issue, 350 million and 400 million ordinary shares of 50 Kobo each at N5.20 Kobo per share respectively.
The company is offering 400 million ordinary shares of 50 kobo each at N5.20 per share on the basis of one for 10 shares to existing shareholders and 350 million ordinary shares of 50 kobo each at N5.20 per share to the general investing public.
Both offers are expected to open on the 18th of March 2008 and run till March 31st 2008.
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