NIC Bank Group managing director John Gachora at a past function. NIC Bank cash call has received a shot in the arm after top shareholders said they will take up their rights. PHOTO | FILE
What you need to know:
The bank said its anchor shareholders have opted to take up their shares in the upcoming issue, increasing the lender’s chances of successfully raising Sh2 billion.
NIC Bank cash call has received a shot in the arm after top shareholders said they will take up their rights.
The bank said its anchor shareholders have opted to take up their shares in the upcoming issue, increasing the lender’s chances of successfully raising Sh2 billion.
“The anchor shareholders are ready to support the rights issue,” NIC chief executive John Gachora said during the listing of the bank’s Sh5.5 billion bond at the Nairobi Securities Exchange (NSE).
The information memorandum on the bond shows the top 10 shareholders held a combined 52.6 per cent stake as at June 30.
First Chartered Securities was the biggest shareholder with a 15.84 per cent stake, followed by ICEA Asset Management (9.16 per cent) and Livingstone Registrars with 8.62 per cent.
NIC will join Diamond Trust Bank in undertaking a rights issue to replenish its capital.
DTB rights issue was heavily subscribed with the bank attracting Sh15.9 billion against the Sh3.6 billion it was seeking.
The bank also applied for a Sh4.8 billion loan from the International Finance Corporation which should bring the fund raising this year to around Sh12.3 billion
