NSE approves Abbey Mortgage Bank’s plan to raise N3b capital

The management of the Nigerian Stock Exchange (NSE) has approved plan by Abbey Mortgage Bank Plc to raise about N3.03 billion new equity funds from its existing shareholders.

The mortgage financial institution will be offering 3.69 billion ordinary shares of 50 kobo each at 82 kobo per share. The shares will be pre-allotted on the basis four new ordinary shares from every seven shares held as at October 08, 2020.

Abbey Mortgage Bank had in February 2020 added N2.37 billion to its market capitalisation through the listing of 2.26 billion ordinary shares of 50 Kobo at N1.05 per share. The new shares arose 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.