CfC Stanbic Bank branch. CfC Stanbic Holdings' rights issue has attracted applications for shares worth Sh4.52 billion making the cash call the third to be oversubscribed this this year. Photo/FILE
CfC Stanbic Holdings' rights issue has attracted applications for shares worth Sh4.52 billion making the cash call the third to be oversubscribed this this year.
The parent company of CfC Stanbic Bank, Kenya’s sixth largest commercial lender on Thursday said that the rights issue that began at the end of August, seeking Sh4.01 billion was oversubscribed by 12 per cent.
CfC Stanbic Holdings was selling 121.63 million additional shares to existing shareholders in the ratio of four new shares for every nine shares held at a price of Sh33 through the rights issue that closed in the second week of October.
It now joins NIC Bank whose rights issue attracted application for shares worth Sh7.01 billion against a targeted Sh2.073 billion and Diamond Trust whose cash call attracted bids worth Sh3.36 billion against a targeted Sh1.809 billion.
The new shares of NIC Bank started trading at the Nairobi Securities Exchange (NSE) last week while Diamond Trust’s started trading in September.
Standard Chartered Bank, whose rights issue closed last week and whose results are due on November 14, is the fourth commercial lender to tap Kenya’s capital markets for additional funds this year.
The bank was selling 22.08 million shares to existing shareholders and is seeking Sh3.2 billion.
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