Zenith to raise N8bn from capital market

02.05.2008

Zenith Bank Plc is set to raise a minimum of N8 billion from the capital market through an offer for subscription to three mutual funds which will open on Monday.

On offer for subscription are 500 million units of the Zenith Equity Fund; 200 million units of the Zenith Income Fund; and 100 million units of the Zenith Ethical Fund at N10 per unit. The funds are to be managed by Zenith Capital, the investment banking arm of the bank.

The funds have distinct features aimed at investors with varying risk preferences and investment considerations and are open ended, meaning there is no limit to the amount that can be invested either during or after the offer.

The Zenith Equity Fund is designed to provide long-term capital appreciation from diversified portfolio in quoted equities and debt instruments and is targeted at investors who desire aggressive growth and are not averse to high risk.