Guaranty Trust Holding Company Plc (GTCO) has successfully raised N209.41 billion in the first tranche of its equity capital raise programme.
The announcement was after capital verification exercise was conducted by the Central Bank of Nigeria (CBN) and the company received approval for the Basis of Allotment of the capital raise programme from the Securities and Exchange Commission (SEC).
In a statement released on Monday, the financial institution disclosed that the offering drew strong interest from domestic retail investors with the organisation receiving 130,617 valid applications for its 4,705,800,290 ordinary shares offering.
According to GTCO, the shares were fully allotted to bring an end to the programme’s initial phase.
Commenting on the outcome, Group Chief Executive Officer of GTCO Plc, 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.”
Building on this success, the Group announced plans to commence the second phase of its recapitalisation in 2025.
This phase will target foreign institutional investors as part of GTCO’s strategy to reinforce its position as a “Truly International” financial services brand.
Proceeds from the equity capital raise will primarily recapitalise Guaranty Trust Bank Limited, the Group’s flagship subsidiary, ensuring compliance with regulatory requirements.
Also, the funds will support group-wide initiatives, including expansion, product innovation and enhanced service delivery across its Banking and Non-Banking subsidiaries.
GTCO reiterated its commitment to driving innovation, delivering sustainable value to stakeholders, and maintaining its leadership position in Africa’s financial services landscape.
