Guaranty Trust Holding Company Plc (GTCO) has announced the successful completion of the first tranche of its equity capital raise programme, securing N209.41bn.
The milestone follows the approval of the Basis of Allotment by the Securities and Exchange Commission (SEC) and the conclusion of a capital verification exercise by the Central Bank of Nigeria (CBN).
According the Group’s notice to NGX, the equity raise attracted significant interest from domestic retail investors, with 130,617 valid applications for 4,705,800,290 ordinary shares fully allotted.
This marks the conclusion of the first phase of GTCO’s multi-phase equity capital programme, which adopts a balanced allocation strategy equally split between institutional and retail investors.
The approach underscores GTCO’s commitment to building a well-diversified and robust investor base.
Commenting on the successful completion of this phase, Segun Agbaje, Group Chief Executive Officer of GTCO PLC, expressed gratitude to stakeholders.
“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 smooth completion of the capital verification and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
This milestone establishes a solid foundation for driving transformational growth and unlocking greater value across our banking and non-banking businesses,” he said.
He noted that GTCO’s strong financial performance and leadership in profitability metrics continue to position it as a key player in the financial services industry.
Building on this success, the Group plans to commence the second phase of its recapitalization programme in 2025. This phase will focus on attracting foreign institutional investments, further enhancing GTCO’s stature as an international financial services brand.
The proceeds from the equity capital raise will be strategically deployed to recapitalize GTCO’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), ensuring compliance with regulatory requirements and solidifying its position as a leading financial institution.
Additionally, the funds will support growth initiatives across the Group, including footprint expansion, product development, and innovation within its banking and non-banking subsidiaries.