FirstHoldCo has successfully completed its N150 billion Rights Issue, which was oversubscribed by 25%, resulting in total subscriptions of N187.6 billion. Building on this momentum, the Group is poised to proceed with a N350 billion Private Placement as part of its plan to meet up with the 500 billion minimum capital requirement for its flagship subsidiary, First Bank.
The Rights Issue, which was offered to existing shareholders on the basis of 1 new Ordinary Share for every 6 Ordinary Shares held at N25.00 per share, resulted in the allotment of 5,982,548,799 ordinary shares of 50 Kobo each.
Lead Issuing House: Greenwich Merchant Bank
Joint Issuing Houses: Anchoria Advisory Services Limited,Apel Asset Limited, Cowry Asset Management Limited, Coronation Merchant Bank Limited, Dynamic Portfolio Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, First Ally Capital Limited, Marathon Capital Markets
Limited, MBC Capital Limited, Meristem Capital Limited, Radix Capital Partners Limited, Renaissance Securities (Nigeria) Limited, Stanbic IBTC Capital Limited and United Capital PLC.
Banwo & Ighodalo acted as solicitors to the issuer, while Olaniwun Ajayi LP acted as solicitors to the issue.
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