Union Bank N49.75billion Rights Issue opens today

Union Bank of Nigeria Plc, one of Nigeria’s oldest commercial banks, has opened its bid to raise N49.75billion by means of a Rights Issue on Wednesday.

The Rights Issue which has received all necessary regulatory approvals will last till October 30, 2017.

The bank says it is offering 12,133,646,995 Ordinary Shares of 50kobo for sale to investors at N4.10 per share.

Market price of the stock on closing of trading in the Nigerian Stock Exchange (NSE) was N5.72 per share down from N6.0 per share on Tuesday.