CMA approves NIC Bank rights issue
23 September 2014, 14:22
Nairobi - Capital Markets Authority (CMA) on Tuesday approved a rights issue by NIC Bank to raise 2.1 billion shillings ($23.61 million), the CMA said.
NIC, which also operates in neighbouring Tanzania, raised $57 million earlier this month through a corporate bond, part of a strategy to raise capital through a mix of debt and equity.
The additional funds will be used to write more loans for businesses and individuals.
The offer, which involves the issuing and listing of 42.66 million additional ordinary shares, will open on Oct. 23 and close on Nov. 17, the CMA said.
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