Guaranty Trust Holding Company (GTCO) Plc has finalized plans to raise N400 billion in fresh capital to comply with the Central Bank of Nigeria’s (CBN) recapitalization policy.
The Group Chief Executive Officer of GTCO, Segun Agbaje, announced this during a presentation at the Nigerian Exchange Limited (NGX) yesterday.
He explained, “We will be issuing 9 billion ordinary shares at N44.50 per share to the investing public, pending regulatory approval. We are not opting for a rights issue because we have a significant number of retail investors and customers. We want the public to benefit from our growth and profitability.”
Agbaje added, “Our recapitalization efforts will also target acquisitions. Part of the funds raised may be allocated for acquisition purposes. The net proceeds from this offering will support the growth and expansion of GTCO Plc Group’s businesses. This growth will include investments in technology infrastructure, the establishment of new subsidiaries, selective acquisition of non-banking businesses, and the recapitalization of Guaranty Trust Bank Limited (GTBank Nigeria).”
Regarding their target investors, Agbaje noted, “The proposed offering is structured as an institutional offering aimed at eligible investors, as well as retail investors.”
 Plc has finalized plans to raise N400 billion in fresh capital to comply with the Central Bank of Nigeria's (CBN) recapitalization policy.){kind=link}