Nairobi, May 31 -- NCBA Group shareholders are set for gains of up to 20.3 percent as the window of selling their holdings to South Africa's Nedbank Group opens while the stock is still trading below the offer value on the Nairobi Securities Exchange (NSE).

The offer for investors to sell their shares to Nedbank opened on Thursday, with NCBA stock closing on Friday at Sh87.25, below the Sh100 to Sh105 range the South African lender is offering. Nedbank has offered to buy a 66 percent stake in NCBA.

Those to be paid in cash have been offered a price of Sh105 per share, meaning that they have a chance to book an extra Sh17.75 per share, giving them a 20.3 percent gain. The gain is more than the 6.3 percent that the NCBA share has added si...