Nigerian lender, Access Bank has, today, commenced the marketing of its rights issue with the aim of raising $275.10 million (N52.6 billion) to invest in infrastructure and boost lending.
According to marketing documents seen by Reuters, the top tier bank will sell 7.63 billion ordinary shares at N6.90 each at a ratio of one new share for every three held by existing shareholders. The issue will close on March 4 and the new shares will be listed on the Nigerian Stock Exchange for trading on June 1, the bank said.
Access bank was named the most “Sustainable Bank in Nigeria” last year by World Finance, a leading financial magazine based in the United Kingdom. The leading financial institution said then that its emergence as the winner of the award signalled the growing commitment of Nigerian, and indeed African banks to the adoption of responsible business practice and incorporation of environmental, social and governance considerations into the different facets of their operations.