If you an investor, already holding shares of Union Bank of Nigeria, UBN this is an opportunity to increase your share of the pie.

The bank wants to raise 50 billion naira from its existing shareholders.

The rights issue started on Wednesday after it received regulatory approval.

UBN said in a statement that the rights issue opens for subscription on September 20 and closes on October 30.

It plans to offer 12.1 billion shares at 4.10 naira each, issuing five new shares to investors for every seven already held.

Also Read: Union Bank of Nigeria To Get Additional 73.6 Billion Naira From Investor

Union Bank, in which Atlas Mara Ltd, the African investment vehicle of former Barclays boss, Bob Diamond, owns a 44.5% stake, has said it planned to raise funds to boost its capital adequacy and tap opportunities to lend to agribusinesses.

Three weeks ago, Bloomberg reported that Bob Diamond’s ambitions of building a top tier Nigerian bank are taking shape after the sale of a stake in Atlas Mara Ltd. gave him enough cash to make acquisitions in Nigeria.

Atlas Mara completed the sale of 42% to Fairfax Africa through issuing new shares and a convertible bond.

The proceeds, which is estimated at $200 million, will be used to boost Atlas Mara’s holdings in Union Bank and expand its markets, treasury and financial technology businesses.

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