Guaranty Trust Holding Company Plc has announced the successful completion of the first tranche of its equity capital raising, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
The offer, which secured substantial interest from domestic retail investors, the bank said in a statement, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, which were fully allotted.
The milestone concluded the first phase of GTCO’s phased equity capital raising programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors.
This balanced approach aligns with GTCO’s commitment to fostering a well-diversified and robust investor base, the bank said. Commenting on the phase of the recapitalisation, Group Chief Executive Officer of GTCO, Segun Agbaje, said: “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s banking and non-banking businesses.”
Proceeds from the combined equity raising would be deployed to recapitalise the Group’s flagship subsidiary, Guaranty Trust Bank Limited, enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution, it disclosed.
Also, it said the funds would support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries.
