NPF Microfinance Bank Plc, a micro-lending financial institution promoted by the Nigeria Police Force (NPF), has raised N4.66 billion in new equity funds from existing and new shareholders.
Regulatory filing at the weekend indicated that the combined rights issue and public offer were fully subscribed, with the bank raising more than N3.4 billion from existing shareholders.
A total of about 3.107 billion ordinary shares of 50 Kobo each arising from the new issues were listed at the weekend at the Nigerian Exchange (NGX). With the additional shares, the total issued and fully paid up shares of NPF Microfinance Bank increased from 2.287 billion to about 5.394 billion ordinary shares of 50 kobo each.
NPF Microfinance Bank had in last June launched a rights issue to raise about N3.4 billion from existing shareholders and a public offer to raise N1.07 billion from the general investing public.
Application lists for the hybrid offer, which opened on June 24, 2021, was initially scheduled to close on June 30, 2021 but with the approval of an extension by Securities and Exchange Commission (SEC), application lists for the two offers were extended to Friday, July 30, 2021.
The microfinance bank had offered 2.29 billion ordinary shares of 50 kobo each to shareholders on the register of the bank as at the close of business on May 17, 2021 at a price of N1.50 per share. The shares were pre-allotted on the basis of one new ordinary share of 50 kobo each for every one ordinary share of 50 kobo each held.
It also offered, by way of public offer for subscription, 713.34 million ordinary shares of 50 kobo each at N1.50 per share to the general investing public.
Formerly NPF Community Bank, the bank was incorporated on May 19, 1993 as a limited liability company under the provision of the Companies and Allied Matter Act cap c20LFN 2004. It provides banking services to both serving and retired officers and men of Nigeria Police Force, its ancillary institution and general banking public. The bank commenced business on August 20, 1993. NPF Microfinance was listed on the NGX on December 1, 2010.
The authorised capital of the bank at inception was N500, 000 made up of 500,000 ordinary shares of N1 each. This was increased to N2 billion made up of 4.0 billion ordinary shares of 50 kobo each of which 2.29 billion ordinary shares of 50 kobo each were issued and fully paid up.