NAIROBI, Kenya — I&M Group has completed a Sh4.19 billion capital raise through the issuance of 86.5 million new ordinary shares to East Africa Growth Holdings (EAGH), a special purpose vehicle supported by international impact investors AfricInvest, FMO, and Norfund.
The lender says the new shares were issued at Sh48.42 each, representing an 81% premium to the 30-day volume-weighted average share price at the time of the share circular’s publication.
According to the lender, the move increases EAGH’s shareholding in I&M Group to 15.14%, making it the fourth largest shareholder in the regional financial services group.
The capital infusion will support I&M’s iMara 3.0 strategy, which focuses on digital and retail transformation, regional expansion, and exploring new areas for business growth.
“This capital raise is a strong endorsement of I&M’s strategy and the Group’s vision to become Eastern Africa’s leading financial partner for growth,” said Gauri Gupta, Group Director, Corporate Advisory and Sustainability at I&M Group.
“Beyond capital, this partnership brings sectoral expertise, an opportunity to leverage the combined network of the investors, and a shared commitment to deepening financial inclusion, driving innovation, and embedding sustainability at the core of our business.”
EAGH is a consortium of leading development finance institutions and impact investors with a proven track record in emerging markets.
AfricInvest, with over USD 2.3 billion (Sh297,045,000,000) raised and more than 230 companies financed across Africa, joins hands with FMO, the Dutch entrepreneurial development bank, and Norfund, the Norwegian Investment Fund for Developing Countries.
AfricInvest’s Senior Partner Julius Tichelaar expressed strong confidence in the Group’s prospects.
“This follow-on investment reflects AfricInvest’s continued commitment to I&M Group and our confidence in its long-term growth as a regionally integrated and institutionally strong banking institution.”
The capital raise was approved by shareholders during an Extraordinary General Meeting held on December 10, 2024.
