Nigeria's Access Bank starts marketing 52.6 bln naira rights issue

Nigeria's Access Bank will start marketing a rights issue on Monday aiming to raise 52.6 billion naira ($275.10 million) to invest in infrastructure and boost lending.

According to marketing documents seen by Reuters, the lender will sell 7.63 billion ordinary shares at 6.90 naira each at a ratio of one new share for every three held by existing shareholders.

The issue will close on March 4 and the new shares will be listed on the Nigerian Stock Exchange for trading on June 1, the bank said