Nigeria's Skye Bank plans $251M rights issue after debt sale

Nigeria‘s Skye Bank plans to raise 50 billion naira ($251 million) via a rights issue by the third quarter of 2015 to expand its loan book after it completed the sale of short-term commercial notes last week, it said on Wednesday.

Skye Bank, which acquired nationalised lender Mainstreet Bank this year, said in a statement the shares sale is expected to commence after a shareholders’ meeting scheduled for May.

The bank also said it raised 100 billion naira through the sale of 90-day commercial paper at 16.5 percent.

Read more: Nigeria's Skye Bank plans $251 mln rights issue after debt sale | Reuters.