Following the just concluded initial public offering of N100 billion, the management of First Inland Bank has assured subscribers to the offer that the bank would absorb every excess fund accruing from the offer. According to the banks managing director, the bank has already begun discussions with the capital market authorities on how to absorb the excess funds arising from the public offer.

He said, “Although we raised over a N100 billion from the capital market but we are not planning to dislodge any subscriber or return excess funds from the exercise. Rather, we are talking with the authorities of the capital market on how to absorb all subscribers.”

Still on stocks, Custodian & Allied insurance to raise N3.9 billion through hybrid offer.

Custodian & Allied insurance have concluded plans to hit the market very soon in order to shop for N3.9 billion. The money is to be gotten by way of subscription and Rights issue, 350 million and 400 million ordinary shares of 50 Kobo each at N5.20 Kobo per share respectively.