Nigeria’s Union Bank has begun a share sale to existing shareholders to raise N50 billion ($159.24 million) after it received regulatory approval, the bank said on Wednesday.

The mid-tier bank said the rights issue opens for subscription on Sept. 20 and closes on Oct. 30. It plans to offer 12.1 billion shares at N4.10 each, issuing five new shares to investors for every seven already held.

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