By Financescape
NPF Microfinance Bank Plc to raise additional capital through a rights issue.
In a notice to its Dealing Members The Nigeria Stock Exchange notified the members that NPF Microfinance Bank Plc (the Bank) has through its Stockbroker, Regency Asset Management Limited, submitted an application to The Nigerian StockExchange for the approval and listing of a Rights Issue of Two Billion, Two Hundred and Eighty-Six Million, Six Hundred and Fifty-Seven Thousand, Seven Hundred and Sixty-Six (2,286,657,766) ordinary shares of Fifty Kobo (N0.50) each at One Naira, Fifty Kobo (N1.50) per share, on the basis of one (1) new ordinary share for every one (1) ordinary share held.
The Qualification Date for the Rights Issue is today Thursday, 12 September 2019.
NPF Microfinance Bank Plc (Formerly NPF Community Bank Ltd) was incorporated on 19th May 1993 as a Limited Liability Company under the provision of the Companies and Allied Matters Act cap C20 LFN 2004. The bank provides banking services to both serving and retired Officers and men of Nigeria Police Force, its ancillary institutions and the general banking public.
The bank commenced business on 20th August 1993 at 1 Ikoyi Road Obalende, Lagos having obtained a provisional license to operate as a Community Bank on 12th July 1993 from Central Bank of Nigeria.
The authorized capital of the bank at inception was N500,000.00 made up of 500,000 ordinary shares of N1.00 each and this has over the years increased to its current level of N2,000,000,000.00 made up of 4,000,000,000.00 ordinary shares of 50k each of which 2,286,637,766 ordinary shares of 50k each are issued and fully paid up. These shares were listed on the floor of Nigeria Stock Exchange on 1st December 2010. The balance sheet size of the bank is over N8.6billion as at 31st December 2013.
