Union Bank Plc says the subscription for its N50bn rights issue will commence on Wednesday, September 20 and close on October 30, 2017.

The lender plans to offer 12.1 billion ordinary shares of 50 kobo each, which will be available at N4.10 per share, on the basis of five new shares for every seven shares held as at August 21, 2017, a statement indicated.

It has already commenced a roadshow to sensitise shareholders and at the first event held in Enugu last week, its Chief Executive Officer, Emeka Emuwa, was quoted as saying.

“With the commencement of the Rights Issue subscription, we have now officially entered a new phase of our transformation where we will be focused on accelerating business growth to deliver on our objective of becoming one of Nigeria’s leading financial institutions,” he added.

Shareholder forums are to be held in Lagos, Port-Harcourt and Abuja this month, according to the bank.

Union Bank announced earlier this month that it had received all necessary regulatory approvals from the Nigerian Stock Exchange and the Securities and Exchange Commission to launch the rights issue.

The issuing houses involved in the transaction are Chapel Hill Advisory Partners Limited, which is serving as the lead issuing house to the bank; and FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited as joint Issuing houses.