FBN Holdings Plc has revealed plans to raise up to N300 billion through public offering, private placement and rights issue.

The Group in a notice to the Nigerian Exchange Limited, NGX,   said the capital raise is subject to approval by the regulatory authorities and its shareholders at an Extraordinary General Meeting (EGM) to be held later in the mon

The capital rise, according to the Group, would be from either the domestic or international capital market.

The notice said:  “To consider and if thought fit, pass the following as ordinary resolutions of the company: That the company be and is hereby authorised to undertake a capital raise of up to N300,000,000,000.00 (Three hundred billion naira).

“The capital raise transaction shall be by issuance of shares via a public offering, private placement, rights issue in the Nigerian or international capital markets, at prices to be determined by way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and as such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the board of directors {the ‘Directors’), subject to obtaining the approvals of the relevant regulatory authorities.

“That the capital raise referred to in resolution {a) above may be underwritten on such terms as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.

FBN Holdings said after the completion of procedures for allocating the new ordinary shares, the memorandum and articles of association of the company will be amended as necessary to reflect the company’s newly issued share capital.