The board of the Nigerian Stock Exchange (NSE) has approved a proposal by Abbey Mortgage Bank Plc to collect some N3.03 billion new equity funds from its current shareholders.
The mortgage financial institution will sell 3.69 billion common shares of 50 kobo each at 82 kobo per share. Shares will be pre-assigned on the basis of four new ordinary shares for each of the seven shares owned as of October 08, 2020.
In February 2020, Abbey Mortgage Bank added N2.37 billion to its market capitalisation by listing 2.26 billion common shares of 50 Kobo at N1.05 per share. The new shares originated from a private placement made to VFD Group Plc.
With the additional shares, the total issued and fully paid up shares of Abbey Mortgage Bank increased from 4.20 billion ordinary shares of 50 kobo each to 6.46 billion ordinary shares of 50 kobo each.