By Ayomide Otitoju
Stanbic IBTC Holdings Plc has successfully concluded its Rights Issue of 2.94 billion ordinary shares, raising a total of ₦181.39 billion following an oversubscription of 121.97 percent.
The Rights Issue, priced at ₦50.50 per share and offered on the basis of five new shares for every twenty-two held as of October 29, 2024, closed on February 21, 2025, with 2,773 valid applications received.
According to the company’s statement, the Central Bank of Nigeria (CBN) has cleared the total amount raised after completing the capital verification exercise. The slight difference of ₦16.83 million between the total value accepted and cleared was attributed to overpayments by some receiving agents, which will be refunded.
All 2,773 applications were deemed valid, with no rejections recorded. Of these, 2,665 shareholders fully subscribed to their provisional allotment of 2.49 billion shares worth ₦125.70 billion. Notably, 1,579 shareholders also requested additional shares, resulting in applications for an extra 954.10 million units valued at ₦48.18 billion.
During the offer period, 79 applications were received via rights traded on the Nigerian Exchange Limited, accounting for 127.80 million shares worth ₦6.45 billion. Additionally, 307.22 million shares were renounced, of which 282.98 million were fully renounced and redistributed on a pro-rata basis to applicants for additional shares—leading to a 32.20 percent allotment level for extra requests.
As a result, 646.87 million units from additional share requests remained unallotted, and excess funds totaling ₦32.67 billion are to be refunded to the affected shareholders.
Stanbic IBTC confirmed the offer was fully processed with a 100 percent allotment, marking the successful conclusion of the capital raise. The proceeds will support the company’s expansion and compliance with the Central Bank’s revised minimum capital requirements.
