Primary market activities on the Nigerian Exchange opened very early in the new year, with two listed financial institutions seeking to raise fresh N34bn in what may be to recapitalise their operations by way of rights to existing shareholders and in the process position them for the stiff competition ahead.

According to filings on the NGX on Friday, Fidelity Bank Plc, through its Stockbrokers, APT Securities & Funds Limited, has submitted an application for approval to raise and list 3.2bn ordinary shares of 50 kobo each at N10 per share. The rights issue shares which is being offered by way of and listing of a Rights Issue on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 5, 2024, is expected to increase the bank’s market capitalisation by N32bn.

Earlier on Wednesday, January 3, 2024, according to the NGX, trading in Royal Exchange Plc’s 4,116,296,059 ordinary shares of N0.50 each at N0.50 per share rights issue opened.

The offer, which will boost the company’s capitalisation by N2.05bn is on the basis of four ordinary shares for every existing five ordinary shares held as at March 6, 2023. Trading on the rights will close on January 31, 2024, according to the NGX filing.