Stanbic IBTC Holdings has notified the Nigerian Exchange and the investing public of its intention to raise N400 billion via Debt Issuance and N150 billion via Rights Issue. Altogether, the Company is planning to raise N550 billion.
In a notice signed by the Company’s Secretary, Chidi Okezie, the Company scheduled its Annual General Meeting (AGM) for Thursday, 16 May 2024.
Special Resolution would be passed at the AGM regarding the proposed Capital to be raised
On the Debt Issuance Program of N400 billion, the Company stated thus:
Subject to receipt of any required regulatory approvals and pursuant to Article One of the Company’s Articles of Association, the Directors be and are hereby authorised to establish a Debt Issuance Programme in an amount of up to N400 billion or such foreign currency equivalent thereof as the Directors may consider appropriate, for the purpose of issuing debt securities (to include senior unsecured or secured, subordinated, convertible, preferred, equity linked or such other forms of debt obligations) by way of public offering, private placement, additional tier one or tier two capital raising, investments, book building process or any other method, in tranches of such amounts and at such dates, coupon or interest rates and upon such terms and conditions as may be determined by the Directors, subject to the grant of all required approvals from the relevant regulatory authorities
(b) That the Directors be and are hereby authorised to enter into and execute all such agreements, deeds, notices and documents as may be necessary for or incidental to the Company’s ₦400 billion Programme and the Directors are also authorised to appoint all such professional parties necessary for or incidental to, the actualisation of the Programme, including, without limitation, complying with the directives of any regulatory authority.”
On the additional Equity Capital of N150 billion via Rights Issue, the Company stated thus:
“Subject to receipt of any required regulatory approvals and pursuant to Clause Seven of the Company’s Memorandum of Association: a. The Directors be and are hereby authorised to raise additional equity capital of up to ₦150,000,000,000 (One Hundred and Fifty Billion Naira) by way of a Rights Issue or offer for subscription on such terms, tranches, conditions and dates as may be determined by the Directors”